The dog-themed cryptocurrency Shiba Inu has seen a surge in its destruction rate. In the past 24 hours, the destruction rate has increased by 772.63%, a figure that has attracted attention in the cryptocurrency space.
Shiba Inu burn rate surges 772%, destroying over 15 million tokens
According to Shibburn.com, the burn rate has risen by 772.63%. According to the latest hourly update provided by Shibburn, 15,089,691 SHIB tokens have been destroyed in the past 24 hours, a surge of 772.63%.
According to the data, 410,728,825,806,575 tokens have been destroyed from the initial supply, reducing the total available supply. The maximum total supply of Shiba Inu is 999,982,344,271,264 tokens. After the destruction, the remaining total supply is 589,271,174,193,424 tokens.
Furthermore, the data shows that the circulating supply (which represents the number of tokens on the market) is 583,494,760,967,592. In addition, 5,776,413,225,832 Shiba Inu tokens have been used for xSHIB staking, a method in which owners tie up tokens in the hope of receiving rewards, thereby temporarily removing them from the market.
SHIB Market Dynamics
The Shiba Inu's price began to rise last Tuesday ahead of the Federal Reserve's interest rate decision on Wednesday. In the week just ended, the cryptocurrency rose as part of a market rally after the Fed cut interest rates by half a percentage point for the first time in more than four years.
However, at the time of writing, SHIB’s price is $0.00001468, down 0.46% in the past 24 hours. The market cap is $8.65 billion, down slightly by 0.47%. In the past 24 hours, SHIB’s trading volume was $190.74 million, down 7.46%.
