The burn rate of Shiba Inu skyrocketed over 323% in the last 24 hours to over 177.8 million SHIB. The skyrocketing burn rate of the SHIB token, a well-known meme token within the Shibarium network, has caught the eyes of investors in recent days while sparking enthusiasm among investors. However, the price of the token stayed in the red despite the update, with the global crypto market declining.
The data by Shibburn, a platform that monitors the burn rate of SHIB, showed that 177,820,158 SHIB tokens were burned in the last 24 hours, marking a surge of 323.81%. The latest is a burn of 4.6 million tokens from a wallet.
Meanwhile, the highest burning transactions in the last 24 hours came from two wallets, which are 68,999,999 and 41,082,889. The SHIB burn rate involves eliminating tokens from circulation, decreasing the total supply, and boosting the value of the remaining tokens.
However, despite the soaring rate, the price of SHIB was down 0.94% during writing to trade at $0.000007363. However, investors are keeping a close watch on the crypto, given the soaring burning rate of SHIB in recent days.
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The Shiba Inu community is burning tokens at record rates and the developers are focusing more on enhancing its DeFi market influence. Additionally, the passion among the community is evident through active discussions over social media platforms like Reddit, X, and others.
Moreover, the community’s commitment extends to charitable initiatives, including donations to animal shelters, showcasing their unwavering support for Shiba Inu.
Considering all these factors, some market participants seem to be optimistic about the crypto and expect a price surge in the near future. However, the topsy-turvy scenario in the broader market might have forced several investors to stay on the sideline.
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