Massive Burn Surge, 232 Million Tokens Up in Smoke
SHIB Token Burn Explodes Around 3010% in Just 24 Hours
The popular meme coin Shiba Inu (SHIB) has significantly increased its token burn rate. According to Shibburn (a platform that tracks SHIB token burning), the burn rate surged by approximately 3010% on 12th June with more than 232 million Shiba Inu (SHIB) tokens burned.
This increase in the burn rate comes at a time when the price of SHIB has been consistently falling. The rise in the burn rate can potentially increase the value of Shiba Inu tokens by reducing their supply.
Reports indicate that the Shiba Inu community collectively burned around 232.64 million tokens through multiple transactions in just one day.
Notably, a single transaction from wallet 0xd9a… burned 225.63 million SHIB tokens. Other significant burns came from wallets 0xa9d… and 0xc58… which burned 3.18 million and 1.69 million tokens, respectively.
What's impressive is that other community members also contributed by burning smaller amounts of tokens, adding to the overall increase in the burn rate.
Currently, the total number of burned Shiba Inu tokens has reached 410.72 Trillion.
Given the community's ongoing efforts, it's likely that the burn rate will continue to rise which could eventually boost the price of Shiba Inu.
In the past 24 hours, the trading volume of SHIB has increased by 30.12%, reaching $816.98 Million. However, the current price of SHIB remains around $0.00002196.
Future Prospects for Shiba Inu
Shiba Inu is currently trading below $0.000025, which is a critical resistance level. If Shiba Inu surpasses this level, its price could reach $0.00003 in the coming days.
Furthermore, if the momentum continues, the Memecoin could see its price move up to $0.00005.
Achieving this upward movement would enhance its chances of reaching its target price of $0.0001 by 2025.
#BTCFOMCWatch #TopCoinsJune2024 #CPIAlert #Write2Earrn #MemeWatch2024