In a surprising development, the Shiba Inu burn rate has experienced a significant surge in the past 24 hours. This sudden uptick marks a positive shift from the sluggish pace observed in the burn initiative over the previous week. This development indicates a renewed commitment from the SHIB community to increase token burns.
The substantial increase in burn activity indicates a potential resurgence in the momentum of the Shiba Inu (SHIB) token. The Shiba Inu (SHIB) burn initiative, launched over a year ago, aimed to reduce the supply of the meme coin, which stood at over 900 trillion tokens.
This huge volume poses a significant obstacle to the coin’s potential growth, particularly in reaching a $1 valuation. To enhance its value, members of the SHIB community began sending tokens to a burn address.
However, recent participation had been lackluster, with only small token amounts reaching the burn address daily. This trend is now shifting as Shiba Inu (SHIB) holders are increasing their burns.
Notably, the Shiba Inu (SHIB) burn tracking website, Shibburn, reported a substantial upsurge in the burn rate. Over the past few days, over 40 million SHIB tokens were burned. This marks a remarkable 2,076% increase compared to the previous weeks.
These burns originated from eight wallets, with the largest single burn totaling 20 million tokens. 16.86 million tokens were also burned, in addition to two other burns exceeding 1 million each. Consequently, the weekly burn rate has now crossed 446.9 million tokens, signaling a significant resurgence in burn activity.
What Does The Burn Mean For Shiba Inu’s Price?
The burning of Shiba Inu (SHIB) tokens typically has a direct impact on the token’s value. The most significant burn event in the token’s history occurred in 2021 when Ethereum’s co-founder Vitalik Buterin burned $6 billion worth of SHIB Tokens.
This burn event propelled SHIB’s value to nearly 900% within two weeks, reaching an all-time high of $0.00003791 on major exchanges like Binance and Huobi.
As of April 2024, Shiba Inu (SHIB) is experiencing an average weekly token burn rate of approximately 446.9 million. As a result, the coin’s value has appreciated.
However, at the time of writing, the SHIB price is currently trending lower at $0.000024, reflecting a 0.81% increase in the past 24 hours. The token continues to maintain its $14.7 billion market cap. Its current performance makes SHIB the 11th-largest cryptocurrency in the market.
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