Shiba Inu Burn Rate Soars
Shiba Inu (SHIB), also known as “Doge Killer,” has seen a significant increase in its burn rate, with millions of coins being taken out of circulation. Shibburn, a platform that tracks Shiba Inu’s burn, has reported that the burn rate has risen by almost 200% in the past 24 hours. Over 7 million SHIB tokens have been burnt during this time, resulting in a 191.69% increase in the burn rate.
Two Major Burn Transactions
The increase in burn rate was caused by two transactions. One wallet address burned approximately 3.60 million SHIB, while another address burned about 4.01 million SHIB. These burns aim to reduce the quantity of SHIB tokens in circulation and increase their scarcity, potentially driving up their value.
Billions of SHIB Transferred from Coinbase
An unidentified wallet address moved a massive amount of SHIB tokens from Coinbase. Over the course of two days, 225 billion SHIB tokens were withdrawn from the decentralized exchange. This transfer has sparked curiosity among traders and investors and coincided with a recent price increase for SHIB.
SHIB Price and Market Performance
The price of SHIB has risen by over 3% in the past week, reaching $0.00000936. The market cap has increased by 2%, while the trading volume has decreased by over 16% in the past day.
Hot Take: Shiba Inu Burns Millions of Coins, Leaving Traders Curious
Shiba Inu’s burn rate has surged as millions of coins are taken out of circulation through burn transactions. This burning initiative aims to reduce the supply of SHIB tokens, making them more scarce and potentially increasing their value. Additionally, billions of SHIB have been withdrawn from Coinbase, leading to speculation about the reason behind this transfer. The recent rise in SHIB’s price has further intrigued traders and investors. As the burn rate and token transfers continue, the crypto community eagerly awaits how these developments will impact Shiba Inu’s future.
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