Shiba Inu Burn Rate Spikes By Nearly 200% As Price Recovers
09 Février 2024 - 12:20PM
NEWSBTC
Shiba Inu (SHIB), also known as “Doge Killer” within the
cryptocurrency space, has experienced a notable increase in its
burn rate, with millions of coins taken out of circulation. Shiba
Inu Burn Rate Is On Fire According to Shibburn, the platform that
tracks Shiba Inu’s burn, the burn rate has increased significantly
in the past day. Data from the tracking platform shows that the
burn has risen by almost 200% in the past 24 hours. Related
Reading: Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers
Shibburn revealed that over 7 million SHIB tokens have been burnt
in the last 24 hours. As of the time of writing, the number of SHIB
destroyed is sitting at 7,648,382, resulting in the burn rate
soaring by 191.69%. The increase in burn rate today was triggered
by two burn transactions. In less than 1 hour, a total of 7,621,237
Shiba Inu tokens were incinerated by the two transactions,
according to Shibburn. In the first transaction, the unknown wallet
address 0xa9d1e08c7793af6…7fb81d3e43 burned approximately 3.60
million SHIB over 8 hours ago. An hour later, a separate wallet
address delivered about 4.01 million SHIB to the burn wallet. Shiba
Inu burn initiative aims at reducing the quantity of SHIB tokens in
circulation, hence decreasing the token’s total supply. As a
result, the crypto asset becomes more scarce and potentially
increases the value of Shiba Inu. Currently, data from Shibburn
shows that Shiba Inu has burned about 410.70 trillion SHIB out of
the total supply. The digital asset now boasts a circulating supply
of 581.35 trillion SHIB from its initial supply of 999.98 trillion
SHIB. Billions Of SHIB Withdrawn From Coinbase A recent
report has revealed a massive shift in SHIB tokens, leaving the
community to ponder on the reason behind the transfer. According to
Etherscan, an unidentified wallet address 0xe44755….240090257 moved
a whopping 225 billion SHIB from the decentralized exchange
Coinbase. Related Reading: Shiba Inu Whale Accumulates Massive
Holdings, Amid Price Recovery Etherscan shows that the withdrawal
was carried out over the course of two days in two transactions.
132.22 billion SHIB tokens were transferred from Coinbase in the
first transaction, and another 92.83 billion SHIB were sent from
the platform on the next day. So far, the unidentified wallet
address now solely holds about 225,057,952,422 SHIB valued at $2.10
million. This event has piqued the interest of traders and
investors in the crypto market, which further coincided with the
recent rise in the price of SHIB. SHIB’s price is up by over 3% in
the past 7 days, presently situated at $0.00000936. Meanwhile, its
market cap is up by 2%, and its trading volume is down by over 16%
in the past day. Featured image from iStock, chart from
Tradingview.com
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