Shiba

Token

Burn

Shiba Inu

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-community-increases-token-burn-rate-significantly/" data-wpel-link="internal">Shiba Inu Community Increases Token Burn Rate Significantly</a><br></p>
<p style="text-align: justify"><strong>In the cryptocurrency</strong> world, one of the most strategic methods used to manage supply and demand dynamics and increase token value is token burning, which is being carried out with great momentum by the <a href="https://en.coin-turk.com/transfer-of-4-trillion-shib-tokens-from-crypto-whale/" data-wpel-link="internal">Shiba</a> Inu (SHIB) community. The surprising 3,894% increase in SHIB token burn rate has drawn attention to this cryptocurrency. This dramatic increase means millions of SHIB tokens are permanently removed from circulation.</p> 
<h2 style="text-align: justify" id="token-burning-and-shiba-inu">Token Burning and Shiba Inu</h2> 
<p style="text-align: justify">Token burning is the process of intentionally destroying a certain amount of tokens. This is usually done by sending these tokens to an inaccessible wallet known as a “burn” address. Thus, the total supply decreases, and the value of the remaining tokens potentially increases.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-359841 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/token.png" alt="" width="572" height="566"></p> 
<p style="text-align: justify">In the last 24 hours, the <strong>Shiba Inu</strong> network witnessed a significant increase in this burn rate. According to <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from the Shibburn X account, a total of 4,829,147 SHIB tokens were burned in seven transactions. This significant activity led to a 3,894% increase in the burn rate.</p> 
<h2 style="text-align: justify" id="coincided-with-increased-interest-from-whales">Coincided with Increased Interest from Whales</h2> 
<p style="text-align: justify">This increase in SHIB token burns coincided with a sudden rise in interest from large-scale <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>, commonly known as whales. This week, the number of significant transactions involving SHIB doubled compared to the average figures at the beginning of 2024.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-359840 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/shib.png" alt="" width="594" height="643"></p> 
<p style="text-align: justify">According to Santiment’s analysis, this increase in whale interest could be a significant factor behind the recent rise in <strong>SHIB</strong> burns. Santiment reported that the number of $100,000 transactions on the Shiba Inu network more than doubled, indicating significant accumulation activity.</p> 
<h2 style="text-align: justify" id="shiba-inu-price">Shiba Inu Price</h2> 
<p style="text-align: justify">On June 4, Shiba Inu’s value showed a significant recovery, reaching an intraday low of $0.00002284 before surpassing the daily Simple Moving Average (SMA) 50 at $0.00002471. The <strong>cryptocurrency</strong> continued its upward trend to reach highs of $0.00002625 in the following trading sessions before encountering resistance. At the time of writing, SHIB’s price had fallen by 1.5% in the last 24 hours to $0.00002562, but it had increased by 7% compared to the previous week.</p> 
<p style="text-align: justify">Other data from IntoTheBlock showed a 223% increase in large transaction volumes for SHIB, with $435.66 million in significant transactions exceeding $100,000. This metric sheds light on the scale of activity by whales and institutional players in the SHIB ecosystem.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/shiba-inu-community-increases-token-burn-rate-significantly/" data-wpel-link="internal">Shiba Inu Community Increases Token Burn Rate Significantly</a></h5>

Shiba Inu Community Increases Token Burn Rate Significantly

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