In an unprecedented move that has set the cryptocurrency world abuzz, Shiba Inu (SHIB), the popular meme coin, has seen its burn rate skyrocket by a jaw-dropping 4200%. This massive surge has led to the removal of over 410.7 trillion SHIB tokens from its maximum supply, marking a significant milestone in the coin’s history.
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A Fiery Surge in the Meme Coin Realm
The Shiba Inu community has been actively participating in the burn activities, showcasing their commitment to the coin’s growth and stability. According to Shibburn, a platform dedicated to tracking SHIB’s burn rate, there has been an astronomical 4240.91% increase in the burn rate over the past day. This has resulted in the burning of 15.71 million SHIB tokens in just 24 hours.
Despite this impressive feat, the price of SHIB has not shown a corresponding increase. As of the latest reports, the SHIB price has experienced a slight dip, trading down by 0.88% over the last 24 hours, with a current value of $0.000008852. However, market analysts remain optimistic, suggesting that a breach of the initial resistance level at $0.00001 could signal a potential surge in Shiba Inu’s value.
“Shiba Inu’s burn rate surge is a clear indicator of the community’s dedication and could lead to significant long-term benefits for the coin,” said a crypto market analyst.
Key Statistics from Shibburn Tracker
- SHIB Price: $0.00000891
- Market Cap: $5,242,222,903
- Volume (24h): $95,223,348
- Total Burnt from Initial Supply: 410,708,018,009,140 SHIB
- Max Total Supply: 999,982,386,153,691 SHIB
- Total Supply: 589,291,981,990,859 SHIB
- Circulating Supply: 581,251,798,319,146 SHIB
- Burn Rate (Last 24hrs): 37.16%▲ (9,296,711 $SHIB)
The Shiba Inu burn rate phenomenon is not just a one-off event. Other sources have reported similar activities, with CoinGape highlighting a 200% increase in the burn rate as 44 million SHIB tokens were destroyed. Crypto News Flash also reported a 400% increase in the burn rate amidst 4 trillion SHIB whale activity.
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This series of events underscores the dynamic and ever-evolving nature of the cryptocurrency market. Shiba Inu initially started as a meme coin, has now cemented its place as a serious contender in the crypto space, thanks to its active community and innovative approaches to coin management.
As the crypto world continues to watch Shiba Inu’s progress, the coin’s influence and potential for growth remain a topic of keen interest among investors and enthusiasts alike.
