As a seasoned crypto investor, I’ve seen my fair share of ups and downs in the world of digital currencies. The recent surge in Shiba Inu’s (SHIB) burn rate by an astounding 2,800% in just 24 hours is an intriguing development. With over 8 million tokens removed from circulation, the burning program aims to create scarcity and potential value appreciation for SHIB.
TL;DR
- Shiba Inu’s burn rate surged by 2,800% in the past 24 hours.
Despite increased burn efforts and advancements in the layer-2 scaling solution, Shibarium, SHIB’s price remains down, reflecting the overall market correction.
SHIB’s Burning Efforts
The burning rate of Shiba Inu tokens increased an astonishing 2,800% within the last 24 hours, leading to nearly 8 million tokens being taken out of circulation. A significant portion, over 50%, was destroyed in a single transaction around 17 hours ago.
The “burning” process is designed to decrease the vast amount of SHIB meme coins in circulation and potentially increase their value due to scarcity. SHIB has a total supply of 999,982,363,413,352 tokens, with over 41% currently transferred to an address representing nothing (a “null” address).
The process is quite intricate and incorporates both automated and manual burns. For a deeper understanding of this, check out our comprehensive guide
It’s important to mention that SHIB has experienced a significant decline, dropping by 3% day-over-day and 6% in the past week according to CoinGecko’s figures. This downturn aligns with a broader market correction, during which Bitcoin (BTC) dipped to hit $67,500 at its lowest point, while Ethereum (ETH) approached $3,500.
During periods of market instability and heightened volatility, an individual may have decided to sell off their holdings, thereby contributing to the variations in the burn rate.
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2024-06-11 12:48