Shiba Inu Burn Rate Soars 1600% Amid SHIB Price Slump, What’s Happening?
Shiba Inu, an Ethereum-based meme coin, gained traction in the crypto landscape on Wednesday as the token’s burn rate increased significantly. This surge in burn rate occurred alongside a drop in the token’s price, leading to speculations in the crypto market.
SHIB Burn Report
According to data from Shibburn, a platform that provides insights into SHIB burning, the Shiba crypto community experienced a massive 1677.45% surge in burn rate over the past 24 hours. The community burned a total of 131.45 million SHIB during this time.
Additionally, there was a significant transfer of 123.66 million SHIB to a dead wallet.
Despite the increase in burn rate, Shiba Inu’s price showed a downward trend.
Shiba Inu Price Tumbles
The price of Shiba Inu dropped by 1.99% in the past 24 hours and is currently trading at $0.00001044. The token’s market cap also decreased by 1.96% to reach $6.15 billion.
However, on a weekly basis, the token saw an increase of 2.50%, and on a monthly basis, it had a surge of 25.66%. The recent burn rate surge aligns with the token’s market performance in the past few days.
With the increased attention due to the burn rate surge, it is expected that prices will soon be bolstered.
Hot Take: Shiba Inu’s Burn Rate Surge Raises Questions about its Future
The significant increase in Shiba Inu’s burn rate has sparked speculation and interest in the crypto community. While the burn rate surge indicates a strong community involvement, the simultaneous price drop raises concerns about the token’s future. It remains to be seen whether the attention garnered by the burn rate surge will have a positive impact on Shiba Inu’s price. Traders and investors are advised to closely monitor the developments surrounding SHIB burning and its impact on the overall market sentiment.
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