Shiba Inu’s Weekly Burn Rate Surges 6000%
Shiba Inu, a popular meme coin on the Ethereum blockchain, has witnessed a significant increase in its weekly burn rate. Data from Shibburn, a platform that provides insights on SHIB burning, shows a surge of almost 6000% in the burn rate. This has sparked speculation among crypto enthusiasts worldwide.
Despite the surge in burn rate, the price of Shiba Inu is currently trading in negative territory. However, it did experience a slight increase over the past week, adding to the intrigue surrounding the token.
SHIB Burn Report
According to Shibburn’s data, the burn rate in the past 7 days has increased by 5891.2% as of January 13th. Additionally, the community burned 820,007 SHIB in the last 24 hours. However, this resulted in a decrease in today’s burn rate by 95.05%.
So far, the Shiba Inu community has burned a total of 410.70 trillion SHIB from the initial supply. The circulating supply now stands at 581.07 million tokens.
Shiba Inu Price Plunges
The price of Shiba Inu has dropped by 4.06% in the past 24 hours and is currently trading at $0.00000979. Interestingly, the price has recovered from its recent dip to zero, leading to speculation among crypto enthusiasts.
In addition to the price drop, both the market cap and trading volume have also decreased significantly. The market cap has fallen by 3.92% to $5.79 billion, while the trading volume has dropped by 11.29% to $195.75 million.
Hot Take: Shiba Inu’s Burn Rate Surge Raises Questions
The surge in Shiba Inu’s weekly burn rate has caught the attention of the crypto market. While the price of the meme coin has experienced a decline, the increase in burn rate raises questions about its long-term sustainability and potential impact on the token’s value. As more SHIB coins are burned, the circulating supply decreases, which could potentially lead to scarcity and increased demand. However, it remains to be seen how this will play out in the highly volatile crypto market.
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