Shiba Inu (SHIB) Burn Rate Soars 68,000% in Just 24 Hours as Community Rallies for Large Shiba Burns
The burn rate of the Shiba Inu (SHIB) token has surged by an astonishing 68,000% in a single day as per Shibburn, drawing significant attention within the cryptocurrency community. This surge was mainly driven by seven wallet addresses, leading to the burning of 7.6 million SHIB tokens.
Details of the SHIB Burn
One wallet address, labelled as ‘0x60,’ was responsible for burning approximately 4.3 million SHIB tokens in a single transaction, contributing significantly to the surge. Another address, ‘0xc6,’ burned 1.5 million SHIB tokens in a separate transaction, albeit a smaller amount compared to the former.
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As a result of these coordinated efforts, approximately 410.7 trillion SHIB tokens have been removed from circulation, while 589.2 trillion SHIB tokens remain in circulation. The burning of tokens aims to create scarcity and potentially increase the token’s price in the long term, although short-term market impacts have been minimal.
Despite the substantial burn activities, the market price of SHIB has not shown a corresponding upward trend. Over the past 24 hours, SHIB’s price has experienced a 0.5% decline, contributing to a broader downward trend over the past week. Nevertheless, the Shiba Inu project is highlighting the potential impact of a SHIB-based exchange-traded fund (ETF) and emphasizing their commitment to decentralized finance (DeFi) and financial inclusivity.
Conclusion
In summary, while the Shiba Inu community has achieved a remarkable feat in elevating the burn rate, immediate market response has been modest. The reduction of SHIB’s supply represents a significant step toward long-term price appreciation, while the project team continues to pursue ambitious goals in the DeFi space.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
