Shiba Inu Burn Rate Soaring
Data from Shiba Inu burn tracker Shibburn reveals a significant increase in the SHIB burn rate in the past 24 hours. The burn rate has experienced a 395.43% surge, with over 18 million SHIB tokens destroyed during this time. This rise in burn rate coincides with a price rally for Shiba Inu, which has resulted in the token eliminating another zero.
Burn Transactions Driving the Increase
The increase in burn rate can be attributed to three specific transactions. These transactions collectively burned 16.56 million SHIB tokens within less than eight hours. The first transaction burned around 7.77 million SHIB tokens, while the second transaction burned over 3.33 million SHIB tokens five hours later. The third transaction incinerated about 5.46 million SHIB tokens.
Speculative Frenzy Surrounding Shiba Inu Burn Rate
In recent days, the Shiba Inu burn rate has seen significant spikes, creating speculation within the crypto community. On January 9, there was a surge of over 28,000% due to a burn transaction initiated by the Shiba Inu team. They burned a staggering 9.35 billion SHIB tokens worth $92,553, marking their largest burn to date.
SHIB Price Increase After ETF Approval
Following the approval of Bitcoin Spot Exchange-Traded Funds (ETFs) by the SEC, most crypto assets have experienced upward momentum. Before the ETF approval, Shiba Inu was trading at a low value of $0.0000095. However, since then, SHIB has seen an increase in price and has eliminated another zero. This price increase has generated interest and speculation about the long-term growth potential of the coin.
Current SHIB Trading Status
Currently, SHIB is trading at $0.000010, indicating a 0.60% decrease in the past 24 hours. However, trading volumes for the token have decreased by over 12% in the same period.
Hot Take: Shiba Inu Burn Rate Surges Amidst Speculation
The Shiba Inu burn rate has experienced a significant surge in recent days, leading to speculation and excitement within the crypto community. With millions of SHIB tokens being destroyed, this burn initiative has caught the attention of investors. Additionally, SHIB’s price increase after the approval of Bitcoin ETFs has further fueled interest in its potential for long-term growth. While SHIB’s current trading status shows a slight decrease in price and trading volumes, it remains to be seen how these developments will impact its future trajectory.
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