Shiba Inu Daily Burn Rate Soars
Data from Shibburn reveals a significant increase in the burn rate of Shiba Inu tokens over the past 24 hours. The burn rate has skyrocketed by 1,411%, with over 61 million SHIB tokens burned during this period. This surge in burn rate coincides with a recent price rally for Shiba Inu.
Large Burn Transactions Drive the Increase
The spike in burn rate can be attributed to two large transactions that destroyed a total of 48.9 million SHIB tokens in less than an hour. The first transaction burned around 21 million SHIB, while the second transaction incinerated over 27 million SHIB tokens.
Shiba Inu Burn Rate Fluctuates
Although the burn rate has surged in the past day, it has decreased by more than 48% over the past week. A total of 113.42 million Shiba Inu tokens have been destroyed in the last seven days. However, despite consistent burning, the overall supply of SHIB in circulation remains high at about 581.29 trillion SHIB.
SHIB Prices Rebound Amid Burn Rate Increase
The price of Shiba Inu has shown signs of recovery after a prolonged bearish trend. It is currently valued at $0.000009254, representing a 2.24% increase in the past 24 hours. With its market cap and trading volume also rising, Shiba Inu is now ranked 17th among all cryptocurrencies, attracting investor attention and fueling optimism for long-term growth.
Hot Take: Increased Engagement and Price Recovery for Shiba Inu
Shiba Inu’s recent surge in burn rate indicates heightened engagement from the community, with millions of SHIB tokens being destroyed. While the burn rate has fluctuated in the past week, the overall supply of SHIB remains substantial. Despite this, Shiba Inu’s price has rebounded, experiencing a 2.24% increase in the past 24 hours. This recovery has propelled it to 17th place in terms of market cap, drawing attention and generating optimism for its future growth.
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