SHIB Reaches 30000% Burn Rate
Shiba Inu, the second largest dog-themed cryptocurrency, seems to have a significant following due to its low transaction fees.
One of the most important developments in the Shiba Inu ecosystem is the Shiba Inu Burn initiative, whose main purpose is to limit the supply of coins in circulation, creating shortages and forcing the token price to increase. On Thursday, billions of SHIB tokens were transferred to dormant wallets in a total of 48 transactions. SHIB’s 24-hour burn rate jumped to almost 30,000. A total of 2 billion SHIBs have been burned since Thursday morning, a remarkable achievement for the SHIB Army.
With approximately 590 trillion SHIBs in circulation, the overall goal of the ecosystem is to reduce supply and increase demand for SHIBs. This is expected to cause a price increase as a result, making the SHIB token more valuable to investors. However, as expected, the increase in the burn rate did not increase the price of the meme coin. At the time of this writing, SHIB was trading at $0.00001004, down from the past seven days.
According to Coinecko’s data, the SHIB price has decreased by 30% in the last 30 days. Data shows that in the last 24 hours, the coin has lost around 9% of its value as a result of the negativity surrounding the wider crypto market.
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