Shibburn, a platform that analyzes the SHIB burn rate, said 177,820,158 SHIB tokens were burned in the last 24 hours, representing a 323.81% increase. The most recent is a wallet burn of 4.6 million tokens.
The SHIB token’s burn rate has surged recently, catching investors’ eye and sparking excitement in the community.
Shiba’s Burning Rate
According to the latest data from Shibburn, the two wallets with the highest burning transactions in the last 24 hours were 68,999,999 and 41,082,889. The SHIB burn rate entails removing tokens from circulation, reducing total supply, and increasing the value of the remaining tokens.
Despite the rising rate, the price of SHIB currently stands at $0.00000727 with a 24-hour trading volume of $86,821,341.11. This represents a -2.14% price decline in the last 24 hours and a -6.07% price decline in the past 7 days. With a circulating supply of 590 Trillion SHIB, Shiba Inu is valued at a market cap of $4,282,296,371.
However, considering the growing burning rate of SHIB in recent days, investors are keeping a close eye on the crypto.
What Is Next for Shiba in The Crypto World
The Shiba Inu community is burning tokens at an unprecedented rate, with developers increasingly focused on strengthening its presence in the DeFi market. Furthermore, the community is readily apparent through active discussions across various social media platforms like Reddit.
In addition to this, the community demonstrates its commitment through charitable endeavors. This includes generous donations to animal shelters, showcasing unwavering support for Shiba Inu.
Considering these factors, some market players hold a bullish outlook for the crypto, expecting a potential price surge. However, the intense conditions in the broader market may have compelled several investors to exercise caution and remain on the sidelines.
