Shiba Inu Burn Rate Rockets 1100% As SHIB Price Plummets

Shiba Inu Burn Rate Rockets 1100% As SHIB Price Plummets

Shiba Inu is once again creating quite a buzz in the crypto realm as the self-proclaimed Dogecoin-killer’s community is burning colossal amounts of cryptocurrency tokens, as per data released by the Shiba community.

Amid the constant price fluctuations witnessed by the SHIB token, its community has been continuously trying to build up support for jacking up the SHIB tokenomics, following which there have been a significant amount of tokens burnt to date.

Shiba Community Incinerating Tokens: Here’s All You Need To Know

According to the data unveiled by Shibburn, a platform showcasing SHIB token supply and burn dynamics, the Shiba Inu burn rate has increased by 1146.71% over the past twenty-four hours, with almost 122.10 million tokens burnt.

As of writing, the total tokens burnt from the initial supply amounted to 410.66 trillion, while the current circulating supply amounts to 580.09 trillion tokens.

The aforementioned burning of tokens seems to fall in line with the recent advancements by the Shiba Inu crypto community to jack up the SHIB tokenomics. Although trillions of tokens have been burnt to date, the price surge witnessed by the SHIB token still seems to be comparatively less.

Also read: Crypto Market Ignores Fed Chair’s Warning of Rate Hikes, Altcoins Rally

SHIB Token Price Analysis

While writing, the Shiba Inu price was down by 2.48%, reaching $0.0000083 today. However, the trading volume surged by a whopping 61.05%, reaching $282.40 million. While the token witnessed a weekly surge of 7.38%, the SHIB price is mostly trading between the range of $0.083 to $0.085.

In recent news revolving around the SHIB token, Robinhood, a fintech firm, recently announced plans to expand its services to Europe and the United Kingdom, introducing a wallet that bolsters all assets, including Shiba Inu and Dogecoin.

Furthermore, Shibarium, Shiba Inu’s dedicated layer-2 blockchain witnessed a phenomenal increase of 3000% in its daily new contracts, portraying an upswing in the network’s utilization and growth.

Also read: SOL Price Shoots 7% Moving Closer to $50, What’s Next for Solana?

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.


Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!