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Shiba Inu (SHIB) Token Burn Rate Skyrockets to 3,900%
The Shiba Inu (SHIB) meme coin has recently captured the attention of the cryptocurrency community due to its staggering jump in token burn rate. According to Shibburn, a platform designed to monitor the burning of SHIB tokens, the burn rate has surged to an impressive 3,900%. This significant increase has also been reflected in the pricing of SHIB, which has experienced a notable rise.
The Impact of Large Purchases
The surge in Shiba Inu’s burn rate can be attributed to substantial purchases made by two major buyers who acquired over $35 million worth of SHIB in a single day. These significant transactions have sparked expectations that SHIB could be on track to gain more traction among traders and investors. The crypto community is currently abuzz with excitement, anticipating a positive impact on SHIB’s overall value as the circulating supply decreases.
Unprecedented Burn Rate Surge
Over the past day, SHIB’s burn rate skyrocketed to an astonishing 3,894.73%, as reported by Shibburn. During this period, the Shiba Inu community burned approximately $4.89 million worth of SHIB tokens through various transactions. Notably, a single wallet address was identified as the primary driver behind this surge.
The wallet in question executed a remarkable transaction, transferring 4.03 billion SHIB tokens to an inactive wallet in a strategic move to reduce the circulating supply. The wallet’s address, 0xc55…, has become synonymous with the community’s relentless efforts to decrease the token’s availability in the market.
Current Pricing and Market Cap
As of the latest data, Shiba Inu is priced at $0.00002569, representing a 0.53% increase. The meme coin boasts a market capitalization of $15.12 billion, solidifying its position in the crypto market. Additionally, SHIB’s trading volume has reached $787.92 million, reflecting the heightened activity surrounding the token.
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