Shiba Inu’s Burn Rate Surges by 2,800%
Shiba Inu’s burn rate has skyrocketed by 2,800% in the past 24 hours, leading to the removal of nearly 8 million tokens from circulation. A significant portion of this amount, over 50%, was eliminated in a single transaction around 17 hours ago.
- This burning program is designed to reduce the vast supply of the meme coin and potentially boost its value through scarcity.
- SHIB has a maximum supply of 999,982,363,413,352 tokens, with more than 41% already sent to a null address.
SHIB’s Burning Efforts
Shiba Inu’s burn rate surged by 2,800% in the past 24 hours, resulting in almost 8 million tokens being removed from circulation. Over 50% of this amount was destroyed in a single transaction approximately 17 hours ago.
- The burning program aims to decrease the supply of the meme coin and potentially increase its value through scarcity.
- SHIB has a maximum supply of 999,982,363,413,352 tokens, with over 41% already sent to a null address.
The burning mechanism includes both automatic and manual burns, with recent introductions of an automated token mechanism. Despite these efforts, SHIB’s price remains down by 3% daily and 6% weekly, reflecting the broader market correction where Bitcoin dropped to $67,500 and Ethereum approached $3,500.
The fluctuation in the burn rate may be linked to individuals liquidating their positions during increased market uncertainty and volatility.
Hot Take
Despite the surge in Shiba Inu’s burn rate, the price of SHIB continues to decline amid the overall market correction, which has seen Bitcoin and Ethereum prices drop significantly. The burning efforts aim to reduce the coin’s supply and potentially increase its value through scarcity, but market dynamics and investor sentiment also play a significant role in price movements.
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