Shiba Inu Burn Rate Soars 1600%
Shiba Inu, a popular meme coin on the Ethereum blockchain, has caused a stir in the crypto market with its significant increase in burn rate. On-chain data reveals that over 36 million SHIB tokens were burned in just one day, catching the attention of crypto enthusiasts.
The Shiba community has also made efforts to boost the tokenomics by burning over 80 million SHIB tokens in the same period, creating a sense of optimism in the market.
SHIB Burn Report
Data from Shibburn, a platform that provides insights into Shiba Inu burning, shows a massive 1628% increase in burn rate on Tuesday. A total of 88.75 million SHIB tokens were burned within 24 hours.
The Shiba community seems to be responsible for the majority of the burning, as they transferred 34.24 million SHIB to a dead wallet and moved another 52.39 million SHIB in a separate transaction. This has sparked speculation in the global crypto landscape.
The total number of burnt coins from Shiba Inu’s initial supply now stands at 410.707 trillion, while the circulating supply is 581.128 trillion.
Shiba Inu Price Declines
Currently, the price of Shiba Inu has experienced a slight decrease of 0.43% in the past 24 hours and is trading at $0.000009599. The market cap and trading volume have also seen notable declines, dropping by 0.50% and 8.45% respectively.
This price drop contradicts the surge in SHIB’s burn rate, leading to speculations worldwide.
Hot Take: Shiba Inu’s Burn Rate Raises Questions
The significant increase in Shiba Inu’s burn rate has caught the attention of the crypto community. While it may generate optimism among some investors, others are questioning the sustainability and impact of this burn on the token’s price. The contrasting trends of a rising burn rate and a declining price raise concerns about the long-term viability of Shiba Inu as a meme coin. It remains to be seen how these developments will shape the future of SHIB and its position in the crypto market.
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