Shiba Inu Coin Burn Rate Soars 3010% With 232M SHIB Burned

by

As a seasoned crypto investor, I’ve seen my fair share of market trends, both bullish and bearish. And during this recent bearish phase, I’ve been closely monitoring the Shiba Inu (SHIB) coin’s performance. The latest development that caught my attention is the remarkable increase in SHIB token burn rate.

As a researcher studying the cryptocurrency market during this bearish phase, I’ve noticed an intriguing development with Shiba Inu (SHIB), the meme coin – its token burn rate has experienced a significant spike. According to Shibburn, a dedicated platform that tracks SHIB token burns, there was an astounding surge of approximately 3010% on June 12 alone. Furthermore, over 232 million SHIB tokens were torched by the community.

Shiba Inu Coin Burn Rate Skyrockets

During a time when the price of Shiba Inu coins was dropping, there was a substantial increase in the number of tokens being burned. By reducing the amount of SHIB tokens in circulation, the burn rate could potentially enhance the token’s worth. According to Shibburn’s data, the SHIB token burn rate experienced an extraordinary surge of over 3000% within the past day.

Over the given period, I, as a member of the Shiba Inu community, contributed to the burning of approximately 232.64 million SHIB tokens through various transactions. Amongst us, one noteworthy address, 0xd9a…, truly stood out with an impressive burn rate. This wallet astonishingly burned a massive amount of 225.63 million SHIB tokens by transferring them to an inactive wallet in just a single transaction.

Two other wallets played a notable role in burning over a million SHIB tokens collectively through different transactions. The second wallet, with the address 0xa9d…, transferred 3.18 million SHIB coins to a non-functioning wallet using two transactions. Similarly, the wallet identified by the address 0xc58… moved 1.69 million SHIB to an inactive wallet.

I’ve discovered that other members of the Shiba Inu community have actively participated by carrying out several smaller token burns. Consequently, the amount of SHIB tokens destroyed has significantly increased, reaching a noteworthy total of 410.72 trillion tokens burned.

Potential Impact On SHIB’s Price

Currently, the price of Shiba Inu’s SHIB token has decreased by 2.36% to reach $0.00002196 on Wednesday. The market value of this meme coin stands at a substantial $12.96 billion. Contrastingly, there was a significant rise of 30.12% in the SHIB token’s 24-hour trading volume, reaching $816.98 million. This surge could possibly be attributed to an influx of selloffs, resulting in approximately $1.34 million worth of long liquidations over the past day.

As a crypto investor, I’m closely monitoring the price action of Shiba Inu (SHIB). Right now, SHIB is significantly below the critical resistance level of $0.000025. Based on an earlier analysis by Coingape, once this hurdle is overcome, SHIB could witness a bullish trend towards $0.00003 in the short term. If this upward momentum persists, there’s a strong possibility that Shiba Inu’s value could reach as high as $0.00005.

Furthermore, maintaining the price at $0.00005 could potentially propel Shibu Inu (SHIB) towards the significant goal of $0.0001. However, it’s important to note that SHIB is yet to approach its record high of $0.00008845. Additionally, the overall sentiment in the market remains negative.

To reach those ambitious targets, the SHIB token price needs to rebound above $0.000025 – a significant hurdle that surpasses its all-time high. This surge could be fueled by the quick burn rate and mounting excitement surrounding the Shiba Inu ETF, although nothing is guaranteed.

Read More

2024-06-12 08:42