Sign Up on MEXCSHIB Burn Rate Rockets 1300% As Shiba Inu Price Plunges
Shiba Inu (SHIB), the self-proclaimed Dogecoin killer, is once again amassing significant attention in the cryptocurrency universe as the SHIB community is continuously burning colossal amounts of tokens, with a significant surge in the last 24 hours on November 17.
Subsequently, the Shiba Inu price witnessed an extremely marginal downfall as of writing. Today’s price slump comes despite the SHIB community’s efforts to build up support for their cryptocurrency.
However, over the past seven days, the SHIB price portrayed a bullish sentiment in the broader markets as the token witnessed a minimal price surge.
SHIB Community Burning Tokens
According to recent data unveiled by Shibburn, a platform offering SHIB burning insights, a whopping 105.20 million SHIB tokens were burnt as of today. The aforestated burning of tokens represents a 1327% upswing, gaining significant traction throughout crypto markets. Furthermore, as of writing, the total number of tokens burnt amounted to 410.66 trillion.
As per the data offered by Shibburn, two colossal transactions burning significant amounts of SHIB, among many others, caught the eyes of crypto market enthusiasts. An unknown address, 0x75d9df1efe6d860218…, burnt 100 million SHIB approximately 9 hours ago, along with another unknown address, 0x46340b20830761efd3…, burning 1.5 million SHIB approximately 12 hours ago.
The massive burning of SHIB tokens comes as a result of the Shiba Inu crypto community putting in efforts to jack up the SHIB tokenomics, inducing scarcity while also uplifting the value of the remaining tokens.
Meanwhile, according to ShibariumScan data, the total transactions on the platform are nearing the 4 million mark and stood at 3.95 million.
Also read: WisdomTree Revises Spot Bitcoin ETF; SEC May Delay Comments: Bloomberg Analyst
Shiba Inu Price & Performance
The Shiba Inu price experienced a marginal downfall of 0.81% today, as of writing. The current SHIB price is valued at $0.000008793, undermining yesterday’s price in the green.
However, contrary to today’s price, the SHIB price witnessed a weekly upswing of 6.52%, along with a monthly surge of 24.41% while writing. The aforestated price surge over the past week and month seems to come in alignment with the recent burning of enormous amounts of SHIB tokens. This might indicate a positive outlook for the cryptocurrency’s future.
Also read: Ripple CLO Slams SEC Chair Gensler’s Remarks On Prejudgment
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
