Shiba

Burn

Shiba Inu

Coin

Shiba Inu, an Ethereum-based altcoin, is once again gaining popularity in the world of <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies</a> as the Shiba community once again burnt colossal amounts of tokens as of today, November 21.
The token gained substantial traction amid crypto market enthusiasts despite the price slump witnessed over the past twenty-four hours.
The burning of SHIB tokens is a phenomenon that is very common in today’s crypto landscape, coming forth as the result of the Shiba community’s endeavor to jack up the SHIB tokenomics.
<h2 id="shib-burn-report-a-closer-look">SHIB Burn Report: A Closer Look</h2>
According to the <a rel="noopener noreferrer nofollow" href="https://www.shibburn.com/" target="_blank">data</a> offered by Shibburn, a platform facilitating SHIB burn insights, data showcased a massive surge in the burning of tokens. Notably, a whopping 47872% surge was recorded in the amount of SHIB tokens burnt over the past twenty-four hours, with 28.12 million coins burnt.
The aggressive burning of SHIB tokens seems to come as a result of the SHIB community building up support for its tokens, creating scarcity by reducing the supply.
As per the data insights offered by Shibburn, an unknown wallet address, 0x74dceef…665, caught the eyes of crypto traders and investors as it burnt enormous amounts of SHIB.
As of writing, the unknown address burnt 27.12 million SHIB approximately nine hours ago. Furthermore, a whopping 410.66 trillion SHIB tokens have been burnt to date as a result of the Shiba community jacking up the SHIB tokenomics.
Also read: <a href="https://coingape.com/satya-nadella-says-hes-ok-with-sam-altman-joining-back-openai-instead-of-microsoft/" target="_blank" rel="noopener noreferrer nofollow">Satya Nadella Says He’s OK With Sam Altman Joining Back OpenAI Instead of Microsoft</a>
<h2 id="shiba-inu-price-evaluation">Shiba Inu Price Evaluation</h2>
The <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu price</a> today witnessed a slump of 2.44% over the past twenty-four hours, reaching $0.000008391. Furthermore, the global market cap also witnessed a marginal decrease of 2.44%, as portrayed by market charts.
However, the twenty-four-hour trading volume noted a 36.38% increase, reaching $145.86 million today.
Interestingly, the aforementioned price slump witnessed by Shiba Inu comes contrary to the surge in the burning of tokens. Burning enormous amounts of tokens usually hints towards a reduction in the total number of tokens in circulation, resulting in a price hike.
However, the Shiba Inu Price going downhill has stirred up quite the speculation among crypto market enthusiasts.
Also read: <a href="https://coingape.com/crypto-prices-today-btc-cake-surge-as-pepe-coin-plummets/" target="_blank" rel="noopener noreferrer nofollow">Crypto Prices Today: BTC &amp; CAKE Surge As PEPE Coin Plummets</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/shib-burn-rate-skyrockets-48000-shiba-inu-price-to-rally/">SHIB Burn Rate Skyrockets 48000%, Shiba Inu Price To Rally?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

SHIB Burn Rate Skyrockets 48000%, Shiba Inu Price To Rally?

Table of Contents

Coingape News Media

Other articles published on Nov 21, 2023

US SEC Files Lawsuit Against Kraken, Exchange Calls It Disastrous

Crypto analyst predicts XRP breakout soon

Bitget Expands Ecosystem with the listing of Vertex (VRTX) Token

Approval of Spot Bitcoin ETF Applications in the US, Can it Lower the Price?

BREAKING: Highly Anticipated FED Minutes Announced – Here are All Details

Canada Seeks Feedback on Crypto Disclosure Requirements!

Join our free newsletter for daily crypto updates!