Shiba

Burn

Pepe Coin

Shiba Inu

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 <a href="https://coingape.com/glossary/bull-market/" target="_blank" rel="noopener">bullish sentient</a> following the Shiba crypto community’s recent efforts to build up support for the token. 
<h2 id="shiba-inu-burn-report">Shiba Inu Burn Report</h2> 
According to the recent <a rel="nofollow" href="https://www.shibburn.com/" target="_blank">data</a> 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&nbsp;distribution. 
Also read: <a href="https://coingape.com/crypto-prices-today-btc-ftt-drive-market-gains-as-pepe-coin-declines/" target="_blank" rel="noopener">Crypto Prices Today: BTC, FTT Drive Market Gains As Pepe Coin Declines</a> 
<h2 id="shiba-inu-price-examination">Shiba Inu Price Examination</h2> 
At the time of writing, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">SHIB price</a> 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. 
Also read: <a href="https://coingape.com/sol-price-at-55-gsol-buy-solana/" target="_blank" rel="noopener">SOL Price At $55 Amid Institutional Inflows in GSOL, Should You Buy Solana Now?</a> 
The post <a rel="nofollow" href="https://coingape.com/shib-burn-rate-plunges-60-amid-shiba-inu-price-rally/">Over 361M SHIB Burnt This Week Amid Shiba Inu Price Rally: A Detailed Report</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Over 361M SHIB Burnt This Week Amid Shiba Inu Price Rally: A Detailed Report

Table of Contents

Coingape News Media

Other articles published on Nov 11, 2023

$365 billion inflows crypto market cap in a month, but what’s next?

A Promising Outlook for the Crypto Market: Insights from Dan Gambardello

FTX lawsuit alleges Bybit used “VIP” privileges to withdraw $953M before collapse

Raft DeFi Halts R Stablecoin Creation Amid Security Breach Concerns

Binance’s Exit Plan from Russia: What You Need to Know

Binance Launches ILV Perpetual Futures for Illuvium (ILV)

Join our free newsletter for daily crypto updates!