Amidst the crypto market’s bullish run because of Donald Trump's win in the US election, meme coin Shiba Inu’s (SHIB) burn activity has soared. Facilitated by an unknown crypto whale, SHIB experienced a staggering burn activity where half a billion tokens were burned.
According to tracking platform Shibburn, this surge in Shiba Inu burn activity came at a time when the token has gained over 24% to touch the $0.00002753 level.
Shibburn data also revealed that the burn rate of SHIB has seen a staggering 1837.49% increase because of this as 463,450,468 tokens were burned. This happened due to seven burn transactions done in 24 hours with one of them burning 412,144,084 SHIB tokens. This batch of burned Shiba Inu tokens came from an unknown crypto wallet.
Apart from this, there were three other Shiba Inu transactions of 46,754,762; 3,000,000 and 1,240,000 SHIB from unspendable blockchain addresses which amounted to this massive burn activity.
An expert of this meme coin Lucie tweeted about Shibarium, BONE and DeFi recently, where she spoke about the core goal of decentralised finance (DeFi).
According to Lucie DeFi is a self-custody that lets people have full control over their digital assets without relying on centralized intermediaries. Lucie claimed that centralized crypto exchanges put users at risks like “data breaches, surveillance, and even manipulation.”
She attributed the risks to the crypto exchanges' control over users’ wallets and the tokens stored in them. In contrast, DeFi is about real ownership, privacy and decentralisation.
According to Lucie, platforms should be focussing on directly buying crypto on the blockchain with fiat currency instead of seeking “exchange integration”.
" This method is safe, cheap, fast and does not require exposing one’s crypto assets to third-party spying,” said the Shiba Inu meme coin expert.
She further underlined that the ultimate goal of DeFi should be to create decentralized options that allow crypto traders to buy tokens privately and gain control over their digital assets and data.
It is very important for platforms to “stay true to blockchain values,” while there is also another important goal: “end up undermining the very freedoms blockchain was meant to protect”, said the meme coins expert.
As of November 12 morning, Shiba Inu is trading at $0.00002911, up nearly 17% in the last 24 hours with a 12.09% decline in its trading volume which is at $5.65 billion. The token’s market cap is currently at $17.32 billion, up by 17.26%.