In a display of crypto token devastation, a single wallet has set the Shiba Inu community ablaze by destroying a whole lot of amount of SHIB crypto tokens. Reports by data from the Shiba Inu (SHIB) burn tracker, Shibburn, the Shiba Inu (SHIB) burn price is as of now up by 2,372 percent in the past 24 hours owing to the burn from one single wallet.
The burn has not only surged the SHIB burn price but can likewise be attributed to the present spike in Shiba Inu (SHIB) which is up by greater than 2 percent in the last 24 hours.
Shiba Inu (SHIB) Burn Price Surges
Reports by data from Shibburn, in the previous 24 hours, the Shiba Inu (SHIB) community has transferred approximately 1.24 Billion SHIB to a designated “dead wallet,” forever removing these crypto tokens from circulation. A single wallet burned approximately 1.23 Billion SHIB crypto tokens in the past 24 hours.
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It’s worth noting that, the identity behind the wallet which burned this huge amount of crypto tokens has been revealed to be the Blaze crypto token team. Out of all the SHIB crypto tokens burned in the previous day, Blaze Crypto Token burned a total of 1.23 Billion crypto tokens.
Executed approximately 12 hours ago, this colossal burn event has now propelled Blaze Token’s number of burned SHIB to about 7.9 Billion in total.
Although while the past few burn event can potentially have triggered a portion of excitement in the SHIB community, it is worth keeping in mind that more is still to come especially with the launch of the Shibarium.
Shibarium is an underlying blockchain tech that plays a critical role in facilitating the burn mechanism of Shiba Inu (SHIB). Reports by the blockchain tech developers in a recent series of tweets, each transaction on the Shibarium network would result in a burn of the Shiba Inu token.
SHIB Records Upward Momentum
After the whole lot of burn, the SHIB crypto token price has picked up an upward momentum in the past 24 hours. Over this period, SHIB has surged by greater than 2%. The meme cryptocurrency as of now trades at $0.00000905 up from a low of $0.00000885 on Monday.
SHIB’s market cap has likewise recorded a slight surge. In the previous 24 hours, greater than $100 Million has been added to SHIB’s market capitalization bringing the crypto token total cap to approximately $5.3 Billion while still ranking 16th among the largest digital currency by market capitalization.
Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens
Interestingly, SHIB volume of trading has plunged. The Meme Coin coin’s 24-hour volume of trading as of now stands at $156 Million, a fall from the volume high of $186 Million seen earlier this morning.
The price uptick from SHIB implies that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB crypto tokens may contribute to increased demand and potential price appreciation in the long run.
Featured image from Shutterstock, Chart from TradingView