SHIB Burn Rockets 7400% As Exec Burns 80M Coins, Shiba Inu Price to $0.0004?
The post SHIB Burn Rockets 7400% As Exec Burns 80M Coins, Shiba Inu Price to $0.0004? appeared on BitcoinEthereumNews.com.
Market watchers are once again eyeing Shiba Inu price optimistically, primarily attributable to the latest SHIB burn data. Notably, burn statistics on Saturday indicated a whopping 7,400% uptick in the crypto’s weekly burn rate, as roughly 2 billion coins were destroyed. In turn, crypto enthusiasts are eyeing a potential $0.0004 target for the renowned dog-themed meme coin ahead amid a bullish Q4 market. SHIB Burn Surges 7,400% Weekly As Kaaldhairya Burns 80M Coins According to the official tracker Shibburn on X, the SHIB weekly burn soared 7,418% on Saturday, November 30. This colossal surge comes against the backdrop of 1.93 billion coins removed from the meme token’s market supply. Notably, with the massive burn surge weighing in, the dog-themed meme coin‘s total supply at the time of reporting was evaluated as 589.26 trillion tokens. For context, the meme coin’s token burn mechanism helps in reducing the asset’s excessive market supply by transferring it to a null address. These tokens can never be retrieved, thereby delivering a considerable blow to the crypto’s supply. In turn, market watchers anticipate a bullish effect on the asset’s price, reflecting the law of supply and demand. Intriguingly, it’s also worth mentioning that Shiba Inu exec Kaaldhairya appears to have contributed significantly to the burn rate surge mentioned above. Kaal took to X as of November 30, revealing that the ecosystem’s semi/auto burns have been working for months, burning over 300M tokens to date. Moreover, the exec said, “I just burned 80M+ SHIB a few minutes ago and enjoyed the cool animation at the end.” While these statements solidified optimism about the meme coin’s long-term prospects, they also cleared any misconceptions about the auto-burns designed to reduce the excessive supply. Additionally, the same exec also revealed that the recent maintenance on Shibarium is complete and that…
Filed under: News - @ November 30, 2024 7:28 am