24/7 Cryptocurrency News

Shiba Inu Burn Rate Spikes Over 10000% After A Day Of Massive Pullback

Shiba Inu burn rate has spiked by 10,960.22% in the last 24 hours, increasing the price of Shiba Inu coin by 2.21%.

Published by

Updated 17 Mar, 2023 | 07:58:07 AM UTC

Shiba 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

Shourya Jha

Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at shourya@coingape.com

Published by

Shourya Jha

Updated 17 Mar, 2023 | 07:58:07 AM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.