In a big move, the cryptocurrency SHIB, part of the meme coin category, has burned many of its tokens, specifically more than 410.7 trillion SHIB tokens from its total supply. This unexpected increase of 4200% in the burning rate has caught the attention of cryptocurrency fans and financial experts. Simply put, the recent surge in token burning has caused a stir in the cryptocurrency market over the last 24 hours.
Shiba Inu Burn Rate Soars 4200%
In the last 24 hours, the Shiba Inu cryptocurrency, known as SHIB, experienced a remarkable increase in the rate at which its tokens are being burned. This surge, a whopping 4200% jump, resulted in over 410.7 trillion SHIB tokens being destroyed from its total supply.
This unexpected development has grabbed the attention of both crypto fans and financial experts, putting Shiba Inu in the spotlight and causing some commotion in the cryptocurrency market.
In the growing world of cryptocurrency, Shiba Inu has become very popular. It stands out because of its active community and the excitement around Spot Bitcoin ETFs. People are interested not just because it’s a meme coin, but also because of the active participation in burning Shiba Inu coins.
The Shiba Inu cryptocurrency has been burning a lot of its tokens recently, and this has led to a significant reduction in its total supply. More than 410.7 trillion SHIB tokens have been burned so far, and the burning process is continuing at a fast pace.
The total supply of Shiba Inu was originally 589.29 trillion, but now it’s lower due to the burning. The circulating supply, which is the amount of SHIB available in the market, is currently 581.25 trillion, showing the effect of this ongoing burning.
In the past day, important wallet addresses have been actively burning Shiba Inu tokens. The top individual burns came from specific wallet addresses: 7.33 million SHIB from 0xaa3….d530b, 5.57 million SHIB from 0x084….526e9, and 1.25 million SHIB from 0x811….1954f.
These big burns by key addresses show that the Shiba Inu community is enthusiastically working to decrease the token supply.
Shiba Inu Price and Performance
Even though the rate at which Shiba Inu tokens are being used has increased a lot, the price of SHIB didn’t bounce back. Right now, the Shiba Inu price is 0.88% lower than it was in the last 24 hours, and it’s trading at $0.000008852.
Also, the amount of trading for it went down by 22% to $88.56 million during the same period. The SHIB token reached a low of $0.000008755 and a high of $0.000008982 in the last 24 hours.
RBCBlogs earlier that if Shiba Inu’s value goes above $0.00001, market analysts predict it could increase further. If it successfully goes beyond this and surpasses the next obstacle at $0.000015, it may continue rising toward the $0.00003 mark.
Shiba Inu has been burning a lot of its coins, more than 410.7 trillion SHIB, which shows how influential it is in the cryptocurrency world. As they keep burning coins, Shiba Inu stays interesting for both fans and market experts in the world of meme coins.