Shiba Inu’s Burn Rate Surges with 56 Million SHIB Burned This Week
Shiba Inu, a popular meme coin on the Ethereum blockchain, has caught the attention of crypto enthusiasts worldwide due to a significant increase in its burn rate. Today, February 10, the SHIB burn witnessed a surge of 127.41%. Over the past 24 hours, the Shiba community burned a staggering 17.39 million SHIB, and over the past week, they burned 55.63 million SHIB.
The rise in burn rate can be attributed to the Shiba community transferring a massive 16.39 million SHIB to a dead wallet. This move aims to boost the SHIB tokenomics within the broader crypto market.
SHIB Burn Soars Amidst Community Breakthroughs
The increase in burn rate coincides with several breakthroughs for the Shiba Inu cryptocurrency. Shibarium, a Shiba Inu L2, has partnered with K9 Finance to revolutionize BONE staking on its network. Additionally, Marswap has expanded its services on Shibarium and introduced a flat fee structure for transaction fees.
WoofSwap, a DEX on Shibarium, has announced plans to bridge Shibmap to ERC404, further advancing Shibarium’s cryptographic venture. However, daily transactions on Shibarium have declined recently, leading to speculations among crypto enthusiasts.
Meanwhile, Shiba Inu has experienced significant volatility in trading, attracting attention from traders and investors.
Shiba Inu Price Analysis
Currently priced at $0.000009324 with a 0.79% drop in the past 24 hours, Shiba Inu has displayed heightened volatility. However, over the past week, SHIB has seen a bullish trend with a 2.52% increase. Technical indicators suggest a potential upcoming rally for Shiba Inu, with support at $0.0000085 and resistance at $0.00001.
The continuous burning of large amounts of SHIB contributes to the tokenomics by reducing supply compared to demand. This has also led to an upsurge in the prices of Bone ShibaSwap (BONE) and Doge Killer (LEASH).
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