Regulation
Shiba Inu Burn Rate Increases Over 68,000%, What Does This Mean for SHIB Price?
Shiba Inu, one of the top memecoins on the market, made headlines today after its burn rate increased by over 68,000% in the last 24 hours. This development has sparked optimism about the future value of the coin, with investors hoping for a potential price rise. However, this might not be the case as new data from CoinMarketCap shows that the token’s value has declined significantly amid the burn rate surge.
In a recent development that turned heads in the crypto market, the Shiba Inu community, known as the “SHIB Army,” managed to destroy a significant portion of the SHIB in circulation, to the tune of 7,611,370 (7.6 million) out of more than 7,611,370 (7.6 million). on the last day, thus increasing its combustion rate at exactly 68,316.81% according to recent data from Shibburn, a burn tracker dedicated to the Shiba Inu.
According to the data provided, this total amount of SHIB was sent to the burned addresses via seven different transactions. In particular, a transaction was moved 4,320,587 (4.3 million) SHIB tokens to a burn address that represents more than 50% of all tokens burned in the recorded time.
Source: Shibburn
Other large transactions include one destroying 1.031 million SHIB approximately 8 hours ago from the time of writing and another moving 1.53 million approximately 3 hours ago. The Shiba Inu community has relentlessly continued to reduce the total number of SHIBs in circulation through the burning mechanism in hopes of creating a shortage and potentially driving up the price of the token.
As of press time, approximately 410.7 trillion SHIB tokens have been destroyed, leaving over 583 trillion tokens in circulation. Even though the circulating supply is still large, the community is engaged in this initiative as tens of millions of coins are removed from circulation each month.
Shiba Inu Price Amid Burn Hike
Although the purpose of this burning mechanism is to help the price of SHIB, the current state of the coin tells a different story. According to data from CoinMarketCapSHIB is currently down 2.29% over the last 24 hours to trade at $0.00002307.
However, market activities around the token, as evidenced by its trading volume, increased by 6.95% to $505 million. Additionally, Shiba Inu (SHIB) traded between the lows and highs of $0.00002279 and $0.00002359 over the past 24 hours, signaling a 73.3% decline from its all-time high of $0.00008616 reached in October 2021.
We hope that the value of the Shiba Inu will eventually bend to the laws of supply and demand. As more coins are burned, those remaining in circulation become more attractive and valuable, hence a potential increase to coveted levels.