Shiba Inu Sees Price Jump Amid Decrease in Token Burning
Shiba Inu, an altcoin based on the Ethereum network, has gained significant attention in the cryptocurrency world as its price recently surged while the burning of tokens decreased. Shibburn, a platform that provides insights into SHIB burns, revealed data showing a decline in the burning of SHIB tokens. Additionally, Shibarium, a layer two blockchain for Shiba Inu, experienced a significant increase in testnet activities, leading to speculation among traders and investors.
Shiba Inu Burn Rate Decreases as Testnet Activity Rises
According to Shibburn’s data, the burn rate of Shiba Inu has decreased by 34.89% in the past 24 hours. The total number of tokens burnt during this period was 5.94 million. Over the past week, the burn rate has fallen by 43.33%, with a total of 130.90 million SHIB burnt. The Shiba Inu community has been actively burning tokens to support their token.
In recent days, the Shiba community burned a staggering 410.662 trillion SHIB tokens through a series of transactions. Despite these efforts, the price of SHIB did not gain much momentum. Furthermore, Shibarium’s testnet activity has surged, with 400,000 transactions occurring since November 9 after weeks of no activity.
Shiba Inu Price Report
Currently, the price of Shiba Inu has increased by 1.27% in the past 24 hours, reaching $0.000008329 on November 25. However, it has experienced a slight decrease of 3.28% over the past week. The trading volume in the last 24 hours has significantly increased by 17.63%, reaching $119.77 million.
Despite the price fluctuations, the Shiba community’s efforts to burn tokens have contributed to the scarcity of SHIB, which could potentially improve its future outlook in the broader cryptocurrency market.
Hot Take: Shiba Inu’s Price Surge and Token Burning
The recent price surge of Shiba Inu amidst a decrease in token burning has caught the attention of the crypto community. While the burning of SHIB tokens has slowed down, the rise in testnet activities on Shibarium has sparked speculation among traders and investors. The Shiba Inu community’s commitment to burning massive amounts of tokens showcases their support for the token’s growth.
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