NewsletterShiba Inu Burn Rate Spikes Over 10000% After A Day Of Massive Pullback
Shiba Inu Coin News: The SHIB token burn rate shoots up by 10960.22% over the previous 24 hours. Within the last 24 hours, there were 57 transactions and a collective burn of 934,428,791 SHIB tokens. The largest transaction was 924,150,949 SHIB tokens, burned by Koyo Token. The cryptocurrency’s low price and high circulating supply have made it accessible to a broader range of investors, leading to increased demand and liquidity.
Another factor contributing to SHIB’s success is its decentralized exchange (DEX), ShibaSwap. ShibaSwap has seen significant growth in its trading volume and liquidity since its launch, attracting more investors to SHIB and driving up its value.
FUD surrounding Shibarium
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 yesterday.
Also read: Breaking: US Fed Prints $300 Billion, Bitcoin Price And Ethereum To Rally
SHIB INFORMER released a statement asserting that the modification required is not to the program itself, but merely to the network number, which happens to be utilized on other test networks. The statement also clarified that the issue at hand is straightforward – both parties have utilized a number (code) that was available, resulting in a conflict. However, one of the teams must alter the number to resolve the situation. Shib Army took to their Twitter handle to express their support for Shiba coin and Shibarium’s developer Shystoshi Kusama.
Shiba Inu (SHIB) price rises
Shiba Inu price has gone up by 2.21% in the last few hours. Each SHIB token is currently trading at 0.00001067 USD. The coin has gained over 8% in the last 7 days. However, the market cap has come down to 6.29 billion USD and trading volume drops by 39.51%. 
Source: coinmarketcap
Also read: Breaking: Ethereum Shanghai Upgrade Date Officially Announced
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
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- BlackRock Bitcoin ETF’s Biggest Outflow Ever Sparks Panic, But Kiyosaki Stays Bullish
- Bitcoin Can Rebound Anytime So Long Capital Keeps Flowing In, Says CryptoQuant CEO
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
