An astounding 70,000% increase in the burn rate of Shiba Inus (SHIBs): Is It Going to Set Off That Much-Delayed Price Explosion?
Surprisingly, the Shiba Inu (SHIB) burn rate has seen a 'astronomical' spike, increasing by more than 68,000% in only one day.
The cryptocurrency world is quite interested in this increase since it was recorded by Shibburn, a website that tracks the burning of SHIB tokens.
The most recent statistics from Shibburn show that the Shiba Inu community as a whole has been responsible for a dramatic increase in SHIB burns. An astounding 68,316% increase in the burn rate occurred yesterday, when seven wallet addresses burned 7.6 million SHIB tokens.
Particularly noteworthy were three transactions originating from these addresses; one wallet, '0x60,' burned around 4.3 million SHIB. This wallet, which processed the biggest single transaction, also had another massive burn, increasing its day total to be over 5 million Shiba Inu.
Notably, the second wallet, '0xc6,' also burned 1.5 million SHIB tokens barely an hour earlier, although a lesser quantity than the first.
The total amount of Shiba Inu withdrawn from circulation has reached about 410.7 trillion due to the significant rise of burnt tokens; the current circulating supply is 589.2 trillion.
There will be little short-term impact on the market price of Shiba Inus, but the long-term goal is to increase prices owing to scarcity caused by their persistent removal from circulation.
Market price for SHIB has not kept pace with the excitement in burn metrics, even though there has been a lot of burn activity. The price of SHIB has dropped 0.5% in the last 24 hours, reaching $0.00002325. This decline is a continuation of the general trend of declining prices; SHIB has dropped almost 6% in the last week.
The chief social media marketer for the SHIB team, Lucie, discussed the possibility of a SHIB-based exchange-traded fund (ETF) on Elon Musk's X platform earlier today, amid these market actions.
