Shiba Inu Burns 88.73 Million Tokens in 24 Hours, But Price Remains Unfazed

Shiba Inu Witnesses Surge in Weekly Burn Rate, Over 708.76 Million SHIB Permanently Eliminated

Shiba Inu, the popular meme coin, saw a significant increase in its burn rate over the past 24 hours, with 88.73 million tokens sent to dead wallets. This represents a 2,034% surge compared to the previous day’s burn rate and suggests renewed efforts from the community to reduce the circulating supply of SHIB.

Shiba Inu burn rate
Shiba Inu burn rate

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Details of the Burn

  • The tokens were burned in three large transactions, with the biggest one sending 52.39 million SHIB to a dead wallet.
  • Two other addresses contributed to the burn, sending 34.24 million SHIB and 2.1 million SHIB, respectively.
  • This brings the total number of SHIB burned in the past 24 hours to 88.73 million.

Impact on Burn Rate

  • The massive burn significantly increased Shiba Inu’s burn rate, which had been relatively low at the beginning of the week.
  • This suggests growing community involvement in burning tokens, potentially fueled by anticipation for the upcoming automated burns on the Shibarium layer-2 blockchain.

Current Supply and Price

  • Despite the high burn rate, SHIB’s price remains relatively unchanged, down 0.8% in the past 24 hours.
  • This could be due to the overall bearish sentiment in the cryptocurrency market, as well as the fact that the burned tokens only represent a small portion of the total circulating supply (approximately 581.15 trillion).

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Future Outlook

  • While the recent burn and increased burn rate are positive developments for Shiba Inu, their impact on the token’s price remains uncertain.
  • The upcoming Shibarium-powered burns could potentially have a more significant effect, but it’s important to remember that the cryptocurrency market is highly volatile and unpredictable.

Overall, the recent increase in Shiba Inu’s burn rate suggests a renewed commitment from the community to reduce the token’s circulating supply. However, it’s too early to say whether this will have a lasting impact on the price. Investors should carefully consider the risks and potential rewards before investing in any cryptocurrency.

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