37 Million Shiba Inu (SHIB) in 24 Hours, What’s Happening?

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As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market ups and downs. But the recent development in Shiba Inu (SHIB) has caught my attention. The surge in the burn rate by 529.72% in the last 24 hours, as per Shibburn data, is a positive sign amidst the bearish sentiment in the broader crypto market.

As a Shiba Inu (SHIB) investor, I’m pleased to report some positive news amidst the prevailing bearish market conditions. The burn rate of Shiba Inu has experienced a significant surge by 529.72% within the last 24 hours, according to the latest data from Shibburn.

As a crypto investor in the Shiba Inu community, I’m thrilled to learn that approximately 37.53 million SHIB tokens were recently incinerated. This event contributes to the growing tally of tokens being transferred to inactive wallets.

Currently, approximately 410.7 trillion SHIB tokens have been permanently removed from circulation, reducing the total supply to around 583.3 trillion tokens. This ongoing process of token elimination is seen as a positive sign by investors.

The decreased availability of new Bitcoins due to its finite supply of 21 million units makes Bitcoin a highly deflationary digital currency. Consequently, this scarcity contributes to the potential increase in the value of each Bitcoin over time.

Despite having a large quantity in circulation, Shiba Inu’s continuous token burn can potentially boost its price. Although it may not rival Bitcoin’s value, SHIB distinguishes itself as a deflationary cryptocurrency through this mechanism.

What does it mean for Shiba Inu price?

At present, SHIB‘s price and the larger cryptocurrency market are experiencing difficulty. Based on CoinMarketCap data, Shiba Inu is priced at $0.00001776, representing a 4.83% decrease over the past 24 hours. The meme coin’s market capitalization currently amounts to $10.47 billion, marking a 4.82% reduction in value.

The recent increase in SHIB‘s burn rate hasn’t improved its price yet, but it’s anticipated to have a favorable effect in the future. The transfer of 37.53 million tokens to inactive wallets is an essential aspect of this ongoing initiative. Continuing this process will significantly enhance the appeal of this widely-used meme coin in the long run.

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2024-06-21 14:42