NewsletterShiba Inu Burn Rate Drops By 100% Amid Holders Surge
According to Shiba Archives, over 1,325,000 people worldwide now hold SHIB, the crypto token associated with the Shiba Inu project. The news comes after a surge in interest in the token, which has seen its value increase significantly in recent weeks.
The Shiba Inu project has also announced several new initiatives in recent months, including the launch of a decentralized exchange and a non-fungible token (NFT) marketplace. These initiatives have helped to increase interest in the project and have attracted even more investors to the SHIB token.
Shib burn rate drops, price rise
The burn rate of the Shiba Inu (SHIB) token has plummeted by a staggering 99.74% in the last 24 hours, according to Shibburn website. This sudden and significant decrease has left many investors wondering what could be the possible reason behind it.
Whereas, Shiba Inu price has gone up by 5.13% in the last few hours. Each SHIB token is currently trading at 0.00001129 USD. The coin has gained over 9.54% in the last 7 days. However, the market cap has come down to 6.65 billion USD and trading volume drops by 36.93%. 
Source: coinmarketcap
Also read: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?
FUD surrounds Shibarium
The Shiba Inu project is a decentralized ecosystem that aims to offer users a platform to transact, stake, and participate in governance using the SHIB token. The burn rate of a cryptocurrency is the rate at which tokens are removed from circulation through burning. In the case of SHIB, tokens are burned through the ShibaSwap platform, which is a decentralized exchange built on the Ethereum blockchain.
Meanwhile, Shiabrium Beta had been made live on 11 March 2023. The much-awaited launch had been responsible for the recent spiking in the price of Shiba Inu, too. There has been a FUD surrounding the Shibarium blockchain that the developers of Shiba Inu have replicated Rinia, a separate project. These accusations contributed to the drop in prices of Shiba Inu a couple of days back.
Also read: 186 US Banks Face SVB Like Risk; Crypto Bull Run Ahead?
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- ‘I Won’t Back Down,’ Michael Saylor Reinforces Strategy’s Bitcoin Mission
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Trump Tariffs: White House Prepares Plan B as Crypto Market Awaits Supreme Court Ruling
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
