Shiba Inu Burn Rate Spikes 612% as SHIB Fights to Stay Afloat
The post Shiba Inu Burn Rate Spikes 612% as SHIB Fights to Stay Afloat appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The ongoing consolidation on the market pushed forward a new frontline in the Shiba Inu (SHIB) ecosystem amid the search for balance. The burn rate skyrocketed by 612% overnight, becoming the only metric in the ecosystem with an uptick. Per data from Shibburn, more than 3 million SHIB were sent to inactive addresses, showcasing how committed the community is to deflating the SHIB supply. Matching SHIB burn with price The SHIB burn metric is considered a unique litmus test for the health of the meme coin project. Following the burn rate, which removed exactly 3,244,007 SHIB, the total tokens now incinerated since inception is 410,743,144,711,926 SHIB. With this burn rate, 584,236,700,480,761 SHIB are now left in circulation. Shiba Inu Burn Chart. Source: Shibburn Related At the time of writing, the Shiba Inu burn rate moved in the opposite direction as the asset’s price. Per CoinMarketCap data, Shiba Inu’s price is down 2.42% in 24 hours, dropping below the $0.00002 support zone. Although the SHIB price outlook mirrors the broader trend on the market, it has succumbed more to bears. Amid the growing sell-off, the trading volume dropped by 46.19% to $319.24 million, proving waning interest among traders. This is despite recent SHIB whale activities spotted in the ecosystem. What’s next for Shiba Inu? Amid the general uncertainty in the…
Filed under: News - @ January 23, 2025 3:33 pm