Shiba

Burn

Millions

Shiba Inu

Billion

<ul class="list-ic vertical"> 
 <li> 1 <a>Shiba Inu, one of the main tokens in the cryptocurrency world has faced fluctuations in performance in recent years.&nbsp;&nbsp;</a> </li> 
 <li> 2 <a>Overnight, millions of tokens vanished which resulted in an enhanced burn rate, hitting around 1000%.&nbsp;</a> </li> 
</ul> 
The price fluctuations in the Shiba Inu shocked the Cryptocurrency market on Wednesday, September 27. The news was related to the vanishing of the Shiba Inu coin overnight which directly hiked the burn rate up to 1000%.&nbsp; 
<h2 class="wp-block-heading" id="strong-what-is-actually-happening-strong">What is Actually Happening?&nbsp;</h2> 
Shiba Inu (SHIB), one of the most popular meme coins introduced in August 2020 by Ryoshi, an anonymous founder. With time, the coin grasped much more popularity, ranking second in the list of meme tokens. Recently, the coin has become a highlight.&nbsp; 
The coin vanished overnight, resulting in an increased burn rate. 
On Wednesday, a sudden hike was experienced in the burn rate of Shiba Inu, hitting 1000% in the past 24 hours. The action of permanent removal of some of the Shiba Inu toke from circulation is considered to be one of the main reasons behind the same. Based on the report of Benzinga, the hike came just after a staggering 164 Million SHIB tokens were indelibly removed from circulation. The prediction is made based on the data from Shibu Inc. burn tracker Shibburn. 
Considering the data of Etherescan, two dormant crypto wallets, including “0x6ab” and “0xA75”, received substantial withdrawals of SHIB tokens from exchanges such as MEXC and Binance. The withdrawal amount was around 16 Billion SHIB.&nbsp; 
The current situation shows the emergence of new Shiba Inu whales in the market, holding around $500,000 in SHIB.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
According to Shytoshi Kusama, the lead developer of Shiba Inu, the platform is planning to offer something unique to Crypto enthusiasts.&nbsp; 
Shibarium, ShibaSwap’s gas token, the development team has revealed that the minting process for the remaining BONE supply is all set to be accomplished. Following the statement, rewards associated with the BONE over the ShibaSwap platform will be offered to the users soon. The rewards are expected to take the users to a new token named “TREAT”.&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="strong-current-stats-of-shiba-inu-strong">Current Stats of Shiba Inu&nbsp;</h2> 
Shiba Inu gained much popularity in very little time, ranking second in the list of meme tokens only after <a href="https://www.thecoinrepublic.com/2023/09/26/how-can-bitcoin-acquisition-impact-microstrategy-stock-price/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC). The passion of the SHIB community and the selling of NFT collections better represent the rising appeal of Shiba Inu in the crypto space.&nbsp; 
Focusing on the current performance of Shibh Inu, the SHIB coin’s current price is $0.000007244, a hike of 0.39% in the past 24 hours. With a market cap of $4 Billion and a 24-hour volume of $78 Million, the coin is all set to rock the crypto stage.&nbsp; 
The circulating supply of Shiba Inu is 589,346,914,631,298 SHIB and the total supply is 589,589,040,239,380 SHIB. The coin is available at <a href="https://www.thecoinrepublic.com/2023/09/24/2023s-top-5-cryptocurrency-exchanges-to-discover-in-the-uk/" rel="noopener noreferrer nofollow">cryptocurrency exchanges </a>including Binance, Bybit, Cointr Pro, OKX, and DigiFinex.&nbsp;&nbsp;&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3> 
Shiba Inu, one of the main tokens in the cryptocurrency world experiencing high burn rates, vanishes millions of tokens overnight. The active involvement of the community with the coin buying and selling represents the bright future of Shiba Inu.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Millions of Shiba Inu Vanished Overnight, Burn Rate Hit 1000%

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 2, 2023

Crypto legend John McAfee's suicide confirmed by Spanish courts

Bitcoin's 3.5% Price Surge to $28,074: Key Takeaways for October 2nd, 2023

Hong Kong and Macao Police Nab Four More Suspects in JPEX Crypto Platform Scam

VanEck's Ethereum Strategy ETF on Track for CBOE Listing

BTC Price Analysis: Bitcoin Starts Uptober With A Boom!

BUIDL-Weekly: 25SEP23 - 01OCT23

Join our free newsletter for daily crypto updates!