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🥁 Why Did Shiba Inu's Burn Rate Jump 35,500%?

Shiba Inu burn rate jumps 35,500%, with over a whopping 20 billion Shiba. Dog-themed meme coins jumped after Twitter replaced its logo with Dogecoin's Shiba Inu.

Author

The BEN Team
April 08, 2023

Happy weekend, Cryptonians! Welcome to today's issue of BEN Beats. Get in tune and don't miss a beat on everything from beginners to pro tips!

Here are today's topics:

  • How to earn 12.78% APR on the Aave Safety Module

  • Why did Shiba Inu's burn rate jump 35,500%

  • Cryptoniooo Opinion: Bitcoin stats for nerds, translated

  • Are you looking for a co-founder or investors?

  • Airdrop Time, let's get this party started!

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How to Earn 12.78% APR on the Aave Safety Module

Some DeFi power users are earning 12.78% APY by providing a vital service to Aave by staking on the Aave Safety Module.

Let's break down what this is:

Imagine you open a bank account, and you are told that your account is fully FDIC insured up to $100K, so you can recover up to that amount in case something happens to the bank.

The Aave Safety Module is a feature that works similarly to FDIC but for Aave. Users stake their AAVE or ABPT tokens in the safety module to earn rewards while providing liquidity to a safety fund....

Why did Shiba Inu's burn rate jump 35,500%?

Alright, so why the heck is SHIB’s burn rate skyrocketing? Back in 2022, the ShibBurn team created this “portal” where SHIB holders sent their tokens into sort a “black void”, which spits back burntSHIB tokens that can magically transform into RYOSHI tokens after some time. In just five days, users burned a whopping 20 billion Shiba Inu. Sounds crazy, right?

What happened?

  • Shiba Inu burn rate jumps 35,500%

  • shibburn.com reports 17,804,606 SHIB ($194.42) burned in the last 24 hours

  • Only 50,000 SHIB ($0.55) were burned in the 48 hours before

  • During the last seven days, the project's burn rate is in the negatives at -75.38%

How does the market feel?

  • Dog-themed meme coins jumped after Elon Musk changes the Twitter logo to Dogecoin's Shiba Inu mascot.

  • Tokens with larger market caps, such as SHIB, rose up to 10%

  • Smaller-cap coins, such as FLOKI, KISHU, and BABYDOGE, surged as much as 25%.

  • Some tokens on newer blockchains, such as zkDoge and zkShib, gained as much as 100%.

  • SHIB was marginally down in the last 24 hours, hovering around $0.0000109

  • ETH whale "BlueWhale0073" bought 148,782,308,867 SHIB ($1,651,483) in the past day

  • Traders warn that such surges in price don't indicate a broader trend and may not hold long term.

  • Long-term growth for these tokens is still possible if fundamental features strengthen in the coming months, such as the launch of Shibarium and Dogecoin's recognition by Twitter and the payment world.

Are people actually using SHIB?

  • Enkrypt will soon support the Shiba Inu ecosystem and Shibarium. Shibarium is an upcoming layer-2 scaling solution for Shiba.

  • Puppynet, the testnet of Shibarium, reached over 1,000,000 transactions after it launched earlier this month.

  • Shiba Inu can now be used to pay at the Radisson Hotel in Georgia thanks to Binance Pay's partnership with CityPayio.

  • Travala launched a SHIB affiliate program, offering commissions of up to 5.5% on the bookings of each person invited to Travala.

Cryptoniooo Opinion:

Bitcoin stats for nerds, translated 📈

Today Bitcoin is trading almost back at $28K, very close to reaching this year's ATH of $28,516 which did back in April 1st!

Key Stats:

In the last 24h there was about 300k BTC sent out of public wallets ~of 12 BTC per hour, with a mere transaction fee of 0.000076($2.13). ~of 6.25 BTC rewards per block(about $178), 378 days left to next halving.

Translation:

Wow, the Bitcoin blockchain is looking pretty darn good! It's way more decentralized than ever before, with over 47k nodes running and copies of every blockchain since Satoshi mined the first block way back on Jan 9th 2009.

I gotta say, I was pretty stoked to see the network fees are way lower than before, probably because of some sweet new improvements to the network and less demand.

Alright, so if you're a miner and you've got some sweet hookups on cheap electricity, you're living the dream! Every time you find a block, you're looking at about 6 BTC ($178K) coming your way!

And can we talk about the price? Holy cow, it hit an all-time high of 28k! In my humble opinion, the macro conditions we're dealing with in the U.S. and Europe, aka current banking collapse, could be major factors in that price action. Bitcoin is working like a backup plan to the current banking system, and its network and fundamentals are stronger than ever, despite all the bad. Pretty cool stuff!

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