Shiba Inu burns over 3000% as of June 12, 2024. The 24-hour burn consumed around 232 million SHIB tokens. The burn rate increased by 3010.53% to erase 232.64 million tokens, according to Shibburn. The action boosts $SHIB's market price.
Three wallets stood out from the latest fire incident because community members contributed. The first wallet sent 225.63 million SHIB tokens to a defunct wallet. The other two wallets sent 3.18 and 1.69 million tokens. Moving tokens from a live wallet to a dead wallet reduces supply. Obviously, burning entailed numerous transactions.
It has not affected SHIB in 24 hours. The token is down 1.23% as of this writing. After 7 days and 30 days, it fell 15.82% and 1.78%, respectively. Market cap down 1.21%, 24-hour trading volume up 27.58%, topping $769,770,000. Current market cap is above $12 billion.
A token burning event generally boosts token value. This is new for SHIB. Since meme coin projections are optimistic, effects may appear later.
It should be worth $0.00002790 in 5 days and $0.00007004 in 30. A 226.25% increase from the present value would be a tremendous monthly leap. The Fear & Greed Index is 72 points below Greed, indicating pessimistic emotion. The 14-day RSI is 41.31, and volatility is 4.5%. In order, the 50-day and 200-day SMAs are $0.00002443 and $0.00001796, respectively.
Despite negative attitudes, SHIB cannot be written off at any moment. The dog-themed meme currency ranks 11th in cryptocurrencies and 2nd in meme coins by market valuation. Shiba Inu wants to host an ETF and dethrone Dogecoin ($DOGE).
A burn rate of 3000% is promising yet implies reducing supply to boost token value. Burning tokens is common in crypto, but it's still a factor.
Huge Win Shiba Inu ($SHIB) is rising. Research and risk evaluation are still advised before investing in SHIB or other cryptocurrencies.
