Marks Major Milestone as Burn Rate Surpasses 1000% Threshold
The post Marks Major Milestone as Burn Rate Surpasses 1000% Threshold appeared on BitcoinEthereumNews.com.
TLDR Shiba Inu’s burn rate surged dramatically by over 1000%, with more than 6 million tokens permanently removed from circulation in a single day The introduction of ShibOS, a blockchain-based operating system, marks a major development for the SHIB ecosystem The token is currently trading around $0.00002028, showing signs of consolidation after recent turbulent price action Key support level identified at $0.0000197, with reducing selling pressure indicated by Long/Short ratio data Total burned tokens exceeded 3.2 million in a separate 612% burn rate spike, demonstrating sustained community commitment to reducing supply The Shiba Inu (SHIB) ecosystem witnessed a remarkable surge in its token burn rate, reaching an increase of 1041% on January 24, 2025, according to data from the official burn tracker Shibburn. This explosive growth resulted in over 6.7 million SHIB tokens being permanently removed from the circulating supply. Token burning, a process where cryptocurrencies are sent to a null address and removed forever from circulation, has been a key strategy in the SHIB community’s efforts to reduce the total supply of tokens. These burns typically aim to create upward pressure on the token’s price by decreasing the available supply while demand remains constant. The latest burn event comes at a time when SHIB is trading at $0.00002028, with a 24-hour trading range between $0.00001954 and $0.00002047. The price has shown a modest increase of just over 1% during this period, reflecting the market’s initial response to the burn event. HOURLY SHIB UPDATE$SHIB Price: $0.00002045 (1hr -0.88% ▼ | 24hr -3.03% ▼ )Market Cap: $12,058,600,807 (-3.01% ▼)Total Supply: 589,256,855,981,115 TOKENS BURNTPast 24Hrs: 6,712,094 (1041.43% ▲)Past 7 Days: 44,925,619 (-48.31% ▼) — Shibburn (@shibburn) January 24, 2025 The broader market context shows SHIB maintaining a period of sideways trading activity, suggesting a consolidation phase. This pattern has emerged as traders…
Filed under: News - @ January 24, 2025 10:24 am