Shiba

Burn

Shiba Inu

Coin

<ul class="news-points">
 <li>SHIB community members are optimistic following a burn rate spike.</li>
 <li>Shiba Inu’s burn rate spiked 570% in the past 24 hours.</li>
 <li>SHIB’s price climbed above the $0.000025 resistance following the spike in burn rate.</li>
</ul>
A wave of optimism has swept through the Shiba Inu community as the native cryptocurrency’s burn rate experienced a sharp spike. Data from the <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">Shibburn tracker</a> indicates that the SHIB burn rate surged by nearly 570% in the past 24 hours, with four wallets identified as primarily responsible for these burns.
This recent development has piqued the interest of Shiba Inu enthusiasts, rekindling bullish sentiment for the flagship memecoin. Traders and investors are closely monitoring the impact of the surging burn rate, which automatically reduces Shiba Inu’s market supply, potentially leading to favorable implications for its tokenomics in the future.
Notably, the Shiba Inu community burned 12.7 million SHIB tokens over the last 24 hours, with four wallets playing a pivotal role in this endeavor. The Shibburn tracker identified one address that transferred 4.6 million SHIB tokens to a dead wallet, effectively removing them from circulation. Another ad…
The post <a href="https://coinedition.com/can-shiba-inu-burn-its-way-to-the-moon-investors-are-hopeful/" rel="noopener noreferrer nofollow">Can Shiba Inu Burn Its Way to the Moon? Investors Are Hopeful</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Can Shiba Inu Burn Its Way to the Moon? Investors Are Hopeful

Coin Edition

Other articles published on May 22, 2024

Whales Optimistic; Wallets Increase For Maker (MKR) DAO

Bitcoin Crash: Top Analyst Cautions of BTC Pullback Ahead

Is It Too Late To Buy DEGEN? Degen Price Soars 19% As Farcaster Raises $150 Million And This Game...

Bitcoin Price To Face Potential Correction If It Hits This Level

US Prosecutors Advocates 5-7 Year Sentence for Ex-FTX Exec

SEC Chair Gary Gensler Firmly Opposes FIT21 Act, Here’s All

Join our free newsletter for daily crypto updates!