SHIB Price Tanks but This Metric Soars by 2800%

1 Mins read


  • Shiba Inu’s burn rate surged by 2,800% in the past 24 hours.
  • Despite increased burn efforts and advancements in the layer-2 scaling solution, Shibarium, SHIB’s price remains down, reflecting the overall market correction.

SHIB’s Burning Efforts

Shiba Inu’s burn rate exploded by 2,800% in the past 24 hours, resulting in almost 8 million tokens removed from circulation. Data shows that over 50% of the amount was destroyed in a single transaction approximately 17 hours ago. 

The burning program aims to reduce the tremendous supply of the meme coin and create potential value appreciation through scarcity. SHIB has a maximum supply of 999,982,363,413,352 tokens, with more than 41% already sent to a null address.

The mechanism is rather complicated and involves both automatic and manual burns. If you want to learn more about it, feel free to read our dedicated guide here. Not long ago, the team behind the meme coin introduced “a transformative token mechanism” to automate the entire system.

However, it’s worth noting that SHIB remains deep in the red, plummeting by 3% on a daily scale and 6% weekly (per CoinGecko’s data). Its pullback coincides with an overall market correction, where Bitcoin (BTC) tumbled to as low as $67,500, while Ethereum (ETH) neared the $3,500 mark. 

The fluctuation in the burn rate might have been caused by someone moving to liquidate their position during times of market uncertainty and increased volatility.


Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Source link

Related posts

LFG Learnings Report: Digital Asset Computing Is an Economically Viable Approach to Reducing Landfill Methane Emissions

8 Mins read
Abstract In this study, we reveal that it is not only feasible but economically viable and environmentally beneficial to use landfill gas…

Bitwise Analysis: AI and Crypto Fusion Poised to Elevate Global Economy by $20 Trillion

1 Mins read
Bitwise’s Senior Crypto Research Analyst, Juan Leon, predicts a transformative impact on the global economy as artificial intelligence (AI) and cryptocurrency converge,…

Ripple’s New Acquisition Is a Certified Digital Asset Custodian

1 Mins read
Ripple has acquired Standard Custody & Trust Company, a digital asset custodian regulated by the New York Division of Financial Services (NYDFS)….



Leave a Reply

Your email address will not be published. Required fields are marked *