Shiba Inu Burn Rate Skyrockets Over 4000%, Triggers Price Movement
Shiba Inu begins the week on an impressive note as its burn rate surges exponentially by more than 4000%. This development has created a buzz across the SHIB community with excitement and expectations for a higher price movement. As the global crypto market experiences price growth, Shiba Inu investors take advantage of the situation by destroying a significant amount of the tokens.
More Than 80 Million SHIB Tokens Sent to Burn Wallets
Today, May 6, the Shiba Inu community has collectively removed a huge amount of SHIB tokens from circulation. According to data from Shibburn, a dedicated Shiba Inu brun tracker, a total of 82,149,878 (82.1 million) tokens have been sent to burn wallets within the last 24 hours. Consequently, the burn rate has skyrocketed by a massive 4111.57%.
The activity was carried out across three transactions. Notably, at approximately 23 hours ago from press time, exactly 60 million SHIB was destroyed in a single transaction. About 3 hours later, 14.1 million tokens were sent to a burn address by a wallet labeled 0x2f1…a77cc.
The purpose of these excessive burns is to drastically reduce the number of SHIBs in circulation, thereby creating scarcity and potentially lifting the price of the token. At the time of writing, a total of 410.7 trillion Shiba Inu coins have been burned and remains 582.9 trillion tokens in circulation. The collective effort of the SHIB army is required to achieve the purpose of a significant supply reduction as the total number in circulation is still too large to trigger any significant price movement.
Shiba Inu (SHIB) Price Response
Meanwhile, the price of SHIB has responded positively to the latest burn. According to CoinMarketCap data, Shiba Inu has grown by more than 3% since the burn surge. At the time of writing, SHIB is changing hands at $0.0000249. In hindsight, Shiba Inu has jumped by 6.40% over the last 7 days and recorded a decline of 8.65% in the last month. What is more, the 24-hour trading volume has plummeted by 27.40% to $455.9 million within the observed time with a live market cap of $14.6 billion.
It is important to note that the Shiba Inu team is still constantly working on strategic innovations to improve the usefulness and desirability of the token. Faster block processing and more consistent transaction fees are promised by the recent Heimdall hard fork for Shibarium, which may further stabilize and increase the coin’s usefulness and investor interest.
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