Shiba Inu (SHIB), also known as the “Doge Killer” in the crypto space, has experienced a significant growth in investment burn rates, with millions of coins removed from circulation. In recent times, the crypto community has taken notice of this increase, seeing it as a positive sign for a reduction in the supply of SHIB and possible upward pressure on prices in the future.
As a formidable competitor to Dogecoin, SHIB has attracted the interest of many investors and users in the cryptocurrency community. The increase in investment burn rate shows SHIB's goal to preserve value and limit inflation, creating appeal for those interested in this currency.
The Shiba Inu's burn rate is on fire
The burn rate of the Shiba Inu is increasing rapidly. According to Shibburn, a platform that tracks SHIB token burns, the burn rate has increased significantly over the past 24 hours. Data from the tracking platform shows that the number of burned tokens increased by nearly 200% in the past 24 hours.
Shibburn revealed that more than 7 million SHIBs have been burned in the past 24 hours. To date, the number of destroyed SHIBs has reached 7,648,382, causing the destruction rate to increase by 191.69%.
Today's spike in burn rate was caused by two burn transactions. In less than 1 hour, a total of 7,621,237 SHIB was burned through two transactions, according to Shibburn.
In the first transaction, unknown wallet address 0xa9d1e08c7793af6…7fb81d3e43 burned about 3.6 million SHIB 8 hours ago. An hour later, a separate wallet address transferred 4.01 million SHIB to the burn wallet.
Shiba Inu's SHIB burning initiative aims to reduce the number of SHIB tokens in circulation, thereby reducing the total supply of tokens. As a result, the digital asset becomes rarer and has the potential to increase the value of the Shiba Inu.
Currently, data from Shibburn shows that Shiba Inu have burned about 410.7 trillion SHIB from the initial total supply of 999.98 trillion SHIB. This gives the token a current circulation of 581.35 trillion SHIB.
Billions of SHIBs withdraw from Coinbase
A recent report revealed a significant shift in the number of SHIBs, making the community curious about the reasons behind this transfer. According to Etherscan, an unknown wallet address 0xe44755…240090257 transferred more than 225 billion SHIB from the decentralized exchange Coinbase.
Etherscan shows the withdrawal was made within two days with two transactions. In the first transaction, 132.22 billion SHIB was transferred from Coinbase, and on the next day, 92.83 billion SHIB was sent from this exchange.
Currently, this unknown wallet address holds a total of approximately 225,057,952,422 SHIB, worth 2.1 million USD. This incident has attracted the interest of traders and investors in the cryptocurrency market, and also coincides with SHIB's recent price increase.
SHIB price increased more than 3% in the past 7 days, currently at 0.00000936 USD. Meanwhile, SHIB's market capitalization increased by 2%, and trading volume decreased by more than 16% in the past day.
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Source: https://tintucbitcoin.com/ty-le-dot-shiba-inu-tang-200-khi-gia-phuc-hoi/
