Shiba Inu’s Burn Rate Skyrockets by Almost 1,000% – Will the Price Experience a Parallel Surge?
In an impressive demonstration of commitment, Shiba Inu has achieved a substantial boost in the burn rate of SHIB tokens. Following a persistent decline, recent data from the Shibburn website unveils a remarkable surge of nearly 1,000% in the burn rate. This surge comes after consecutive days of SHIB tokens remaining in the red zone, showcasing a potential turnaround for the cryptocurrency.
In a span of just 24 hours, the Shiba Inu community has achieved outstanding results in reducing the circulating supply of their cherished meme coins. A remarkable 7,825,621 SHIB tokens were successfully burned, showcasing a staggering increase of 945.5% compared to the previous day’s burn of 748,502 coins. These impressive figures add to the cumulative count of burned SHIB tokens, which is now nearing the 300,000,000 milestone for the week.
It is important to highlight that the current figure is considerably lower compared to the burning rates observed a few weeks ago, during which the Shiba Inu community consistently eliminated between one and two billion SHIB tokens within a span of seven days.
Also Read: US Politician Makes Shiba Inu Token Purchase, Welly’s Unveils New Store
SHIB Price Remains in the Red Zone
Despite the determined endeavors of the SHIB community to intensify token burns, the price of Shiba Inu (SHIB) remains entrenched in the red zone. Over the weekend, the token suffered a substantial 30% downturn following the announcement of regulatory charges filed by the SEC against leading cryptocurrency exchanges Coinbase and Binance.
Over the last 24 hours, SHIB has displayed a slight 0.39% price uptick, providing a ray of hope for its dedicated investors. Nonetheless, the overall trend continues to be unfavorable, with the token experiencing a 4.03% decrease in the past day and a significant 17.41% decline over the course of the previous week.
With a market capitalization of $3,865,979,663, Shiba Inu asserts its position as the second-largest memecoin in the market.
Also Read: Largest Shiba Inu Holder Acquires $10M Worth of 1.5 Trillion SHIB
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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