Shiba Inu, an Ethereum-based altcoin, is once again gaining significant traction in the world of cryptocurrencies as the coin is witnessing a price surge as of today, November 11.
Subsequently, as of writing, the Shiba Inu burn rate witnessed a substantial decrease and caught the eyes of crypto enthusiasts globally.
However, over the past few days, broader markets revolving around the Shiba Inu coin showcased a bullish sentient following the Shiba crypto community’s recent efforts to build up support for the token.
Shiba Inu Burn Report
According to the recent data unveiled by Shibburn, the coin’s burn rate witnessed a significant plunge of 62.21% over the past twenty-four hours. While writing, over 46.14 million SHIB tokens were burnt over the past day, undermining yesterday’s burn report.
Furthermore, over 410 trillion SHIB tokens have been burnt from the initial supply following efforts by the Shiba community to jack up the SHIB tokenomics.
The burning of Shiba Inu primarily aims to induce scarcity, elevating the value of the remaining tokens. Through diminishing the circulating supply, the burn rate seeks to mitigate potential inflationary effects linked to increased token minting or distribution.
Shiba Inu Price Examination
At the time of writing, the SHIB price witnessed a surge of 8.55% over the past twenty-four hours, reaching $0.000009052. Moreover, the weekly price experienced a substantial surge of 15.12%, with the overall trading volume increasing by 23%, reaching 347 million as of today.
The aforementioned price surge seems to come in alignment with the recent burning of colossal amounts of SHIB tokens, resulting in a significant reduction in the amount of tokens supplied. Notably, over the past seven days, 361.81 million tokens were burnt from its supply.
Moreover, according to recent data offered by ShibariumScan, a tool for inspecting EVM-based blockchains, the Shiba Inu Layer 2 network, Shibarium, saw a notable decrease in its activity. The number of blocks created on the network decreased by 38% as of writing. Nonetheless, as the SHIB price continues to soar, crypto market enthusiasts are eyeing the token.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.