SHIB Sees Notable Increase in Coin Burns Amid Price Decline and Recent Market Activity
The post SHIB Sees Notable Increase in Coin Burns Amid Price Decline and Recent Market Activity appeared on BitcoinEthereumNews.com.
In a surprising turn of events, the Shiba Inu (SHIB) community has collectively burned tens of millions of meme coins, showcasing their commitment to reducing supply amidst recent price volatility. The latest data from Shibburn reveals significant burning activity, though it comes at a time when the SHIB price experiences notable fluctuations, causing concern among investors. “The Shiba Inu community remains resilient, with over 66 million SHIB burned this week alone,” shared a representative from Shibburn, highlighting the community’s ongoing efforts. Discover the latest developments as Shiba Inu (SHIB) burns over 66 million coins, amidst price declines and community resilience in the cryptocurrency market. 66 million SHIB locked in unspendable wallets Shibburn has disseminated impressive statistics regarding the recent burning activities that reflect the dedication of the Shiba Inu community. In the last week, a total of 66,156,811 SHIB were successfully removed from the circulating supply, making significant strides towards driving scarcity. However, it’s essential to note that this week’s burn figure marks a decline of 24.11% compared to the previous week’s efforts, indicating a downturn in the daily burn rate. In detail, the daily burn rate has witnessed a steep decline of approximately 53%, with only 2,859,106 SHIB sent to unspendable wallets. Notably, a single transaction accounted for 2,345,678 SHIB being destroyed, embodying the community’s commitment to boosting the token’s value through relentless burning efforts. Currently, there remains an astonishing 584,219,829,029,380 SHIB in circulation—half of the original quadrillion supply. As part of the burning initiatives, a massive 410,743,110,252,507 SHIB has already been eliminated, largely due to the efforts initiated by Ethereum co-founder Vitalik Buterin, with an additional 5,037,060,718,111 SHIB currently engaged in staking across various platforms. SHIB price plummets 9.36% The cryptocurrency market saw significant turbulence today, January 18, as Shiba Inu faced a rapid decline of 9.36%. Following…
Filed under: News - @ January 18, 2025 8:22 pm