emegency notice! ! !
emegency notice! ! !
Shiba Inu Cash Burn Rate Surges 3900%, Will SHIB Price Drop to $0.0001?
In a remarkable turn of events, the Shiba Inu (SHIB) memecoin is in the spotlight due to an alarming increase in its token burn rate. According to data from Shibburn, a platform dedicated to tracking SHIB token burns, the SHIB token burn rate staggered by nearly 3,900% on Thursday, June 6.
Furthermore, the sharp spike in token burns coincided with a period of sideways movement in SHIB price. Additionally, the surge in Shiba Inu burn rates has been accompanied by massive purchases by whales. Two whales snapped up over $35 million in SHIB in the past 24 hours.
Shiba Inu consumption rate and whale accumulation skyrocket
The spike in burn rates and whale buying have fueled hopes among traders and investors that SHIB may rebound. The surge in SHIB token burns has generated considerable enthusiasm within the crypto community. The burn rate may increase the value of the token by reducing the overall supply of SHIB in circulation.
According to data from Shibburn, the SHIB token burn rate has surged by 3894.73% in the past 24 hours. During this period, the Shiba Inu community burned a total of 4.89 million SHIB tokens across multiple transactions. Notably, one wallet address was the largest contributor to this surge.
The wallet transferred a staggering 4.03 million SHIB tokens to a dead wallet in one transaction. Moreover, this significant contribution came from wallet address 0xc55…, highlighting the community’s active efforts to reduce the circulating supply.
Additionally, other Shiba Inu community members conducted several small token burns, further driving up the burn rate. These efforts resulted in the cumulative destruction of SHIB tokens reaching a staggering 410.72 trillion. The reduction in supply is a key factor that could drive up the price of the SHIB token.
Meanwhile, a total of $35.2 million has been spent on nine wallets held by SHIB. In the last 24 hours, they purchased 1.356 trillion SHIB at an average price of $0.00002596. This hefty investment from a large holder therefore highlights growing confidence in SHIB's future earnings potential.
