Shiba Inu Burn Rate Surges with Millions of SHIB Destroyed
The burn rate for the popular meme coin, SHIB crypto, has experienced a significant increase recently, with over 61 million SHIB tokens being destroyed in just 24 hours. This surge in burning activity reflects a strong interest in reducing the token supply.
Record-Breaking Burn Rate and High Burns
In the past day, the Shiba Inu burn rate reached an all-time high of 1411.75%, resulting in the elimination of 61.41 million SHIB tokens. This trend has attracted attention from both the Shiba Inu community and the wider crypto market.
Notably, some of the highest burns came from specific wallet addresses, including 27.21 million SHIB from address 0x85a….4bcc7, 21.78 million SHIB from the same address, and an additional 10 million SHIB from address 0x439….eb4b0.
Significant Impact on Token Supply
This surge in burning activity is part of a larger trend where Shiba Inu has been gaining traction recently. Overall, 410.70 trillion SHIB tokens have been eliminated from the maximum total supply of 999.98 trillion. Currently, the circulating supply stands at 581.30 trillion SHIB.
Investor Confidence Rises Alongside Price Increase
The increase in the Shiba Inu burn rate is accompanied by a 3% rise in its price, indicating growing confidence among investors. Burning tokens is often seen as a strategy to create scarcity and potentially drive up the value of remaining tokens.
This dual movement of increased burn rate and positive price trend creates an exciting period for Shiba Inu enthusiasts, who eagerly await the long-term impact on the coin’s trajectory in the competitive cryptocurrency market.
Shiba Inu Price and Trading Volume
As of now, the Shiba Inu price has risen by 3.20% and is trading at $0.000009318. The trading volume over the past 24 hours has also increased by 47% to reach $127.22 million. During this time, the coin reached a high of $0.000009432 and a low of $0.000008947.
Hot Take: Shiba Inu Burn Rate Surges, Igniting Investor Confidence
The recent surge in the Shiba Inu burn rate, accompanied by an increase in price, is attracting attention and igniting investor confidence in the meme coin. The burning spree aims to reduce the token supply and create scarcity, potentially driving up its value. This dynamic period for Shiba Inu enthusiasts raises anticipation about its future trajectory in the cryptocurrency market.
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