SHIB Burns Grow 5,569%, Ready to Rally?
Shiba Inu Burn Rate Rises
The rise in Shiba Inu burn rates goes against the market trend. According to data provided by Shibburn, which is famous for tracking Shiba Inu burns, the number of tokens sent to non-recoverable wallets in the past 24 hours was about 12 million. This figure increased by 5,549% compared to the previous day.
However, this rate is significantly lower compared to the burn rate in recent days. According to data provided by Burn Tracker on Monday, within 24 hours, investors sent millions of tokens to the burn address, followed by a sharp increase of 202,974%.
When examining the burn process, six different transactions were found. The largest burn was carried out by a wallet address called "0x60812..39fe80". This wallet destroyed 10.1 million tokens in two separate transactions, accounting for more than 90% of the total burn.
Cryptocurrency burns are usually aimed at reducing supply, creating excess demand and increasing prices. This is also the goal of SHIB, but it is understood that its supply is still very large.
On the other hand, looking at the price performance of Shiba Inu in the past 24 hours, it is trading at $0.00001815 after falling by more than 6.5%. This price trend contradicts the reported increase in the burn rate of 5,549%. It should also be noted that SHIB fell by 16.5% in the weekly view, but the burn rate increased by more than 1,000%.
During this period, SHIB's market value fell to $10.5 billion, while its 24-hour trading volume increased by 41% to $602 million
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