In a display of cryptoย token devastation, a single wallet has set the Shibaย Inuย community ablaze by destroying a wholeย lotย of amount of SHIB cryptoย tokens. Reportsย by data from the Shibaย Inuย (SHIB) burn tracker, Shibburn, the Shibaย Inuย (SHIB) burn price is asย ofย now up by 2,372 percent in the past 24 hours owingย to the burn from one single wallet.
The burn has not only surged the SHIB burn price but can likewise be attributed to theย present spike in Shibaย Inuย (SHIB) which is up by greaterย than 2 percent in the last 24 hours.
Shibaย Inuย (SHIB) Burn Price Surges
Reportsย by data from Shibburn, inย theย previous 24 hours, the Shibaย Inuย (SHIB) community hasย transferred approximately 1.24 Billion SHIB to a designated โdead wallet,โ forever removing these cryptoย tokens from circulation. Aย single wallet burnedย approximately 1.23 Billion SHIB cryptoย tokens in the past 24 hours.
Related Reading: Shibaย Inuย (SHIB) All Green Today โ Whatโs The Energy Behind The Glow?
Itโsย worthย notingย that, the identity behind the wallet which burned this huge amount of cryptoย tokens has been revealed to be the Blaze cryptoย token team. Out of all the SHIB cryptoย tokens burned in theย previousย day, Blaze Cryptoย Token burned a total of 1.23 Billion cryptoย tokens.
Executed approximately 12 hours ago, this colossal burn event has now propelled Blaze Tokenโs number of burned SHIB to about 7.9 Billion in total.
Althoughย while theย pastย few burn event canย potentially have triggered a portion of excitement in the SHIB community, it is worth keepingย inย mindย that more isย still to come especially with the launch of the Shibarium.
Shibarium is an underlying blockchainย tech that plays a critical role in facilitating the burn mechanism of Shibaย Inuย (SHIB). Reportsย by the blockchainย tech developers in a recent series of tweets, each transaction on the Shibarium network would result in a burn of the Shibaย Inuย token.
SHIB Records Upward Momentum
Afterย theย wholeย lotย of burn,ย the SHIB cryptoย token price has picked up an upward momentum in the past 24 hours. Over this period, SHIB has surged by greaterย than 2%. The memeย cryptocurrency asย ofย now trades at $0.00000905 up from a low of $0.00000885 on Monday.ย
SHIBโs marketย cap has likewise recorded a slight surge. Inย theย previous 24 hours, greaterย than $100 Million has been added to SHIBโs marketย capitalization bringing the cryptoย token total cap to approximately $5.3 Billion while still ranking 16th amongย the largest digitalย currency by marketย capitalization.
Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens
Interestingly, SHIB volumeย ofย trading has plunged. The Memeย Coin coinโs 24-hour volumeย ofย trading asย ofย now stands at $156 Million, a fall from the volume high of $186 Million seen earlier this morning.
The price uptick from SHIB impliesย that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB cryptoย tokens may contribute to increased demand and potential price appreciation in the long run.
Featured image from Shutterstock, Chart from TradingView
