Shiba Inu’s Coin-Burning Venture
Shiba Inu, a popular meme coin in the cryptocurrency world, has gained significant traction recently due to its coin-burning initiative. Reports suggest that the token has experienced a substantial increase in its burn rate, which has generated optimism among crypto enthusiasts.
Shibburn data reveals that the burn rate has seen multiple upswings in the past week. However, there has been a recent decline in the burn rate, leading to speculation in the market.
A Closer Look at SHIB Burn Rate
The week started with a remarkable 5000% surge in the SHIB token’s burn rate on December 25, bringing immense optimism for the token. On Christmas day, there was also a significant 4 trillion SHIB whale activity, attracting more attention worldwide. The next day, December 26, witnessed another 4 trillion whale activity.
On December 27, the burn rate skyrocketed by 1600%, further fueling bullish sentiments. Additionally, on December 29, the Shiba community burned over 13 million SHIB during a whale event, boosting the tokenomics. Lastly, on December 30, there was a 2700% surge in the SHIB burn rate.
SHIB Price Decline
The price of Shiba Inu experienced a 3.46% drop over the past week. On December 30, there was a decline of 1.45%. However, on December 31, there was a small increase of 0.52%, and as of now, it is trading at $0.00001054.
The weekly high for Shiba Inu in the last seven days was $0.00001108, while the weekly low was $0.00001026.
Hot Take: Shiba Inu’s Burn Rate Surge and Price Fluctuations
Shiba Inu’s recent burn rate surge has created optimism in the crypto market. However, despite these significant burn achievements, the weekly burn rate has experienced a substantial decline. The price of Shiba Inu has also seen fluctuations over the past week, with a slight decline overall.
It remains to be seen how Shiba Inu will continue to perform in the coming days and whether its burn rate and price will stabilize or experience further volatility.
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