SHIBA Drops By 3%, Records 104% Burn Rate Increase

SHIBA Drops By 3%, Records 104% Burn Rate Increase

Shiba Inu (SHIB) has spiked by 3% in burn rate in the last 24 hours. There has been a noticeable increase in the quantity of SHIB tokens sent to dead wallets, according to data from Shibburn website. Analysis from the recent Shibburm data says that 12,143,493 SHIB tokens have been burned in the last 24 hours.

A look into the historical price analysis of SHIB shows that Shibarium had a 493% surge in its transactions within 24 hours from the 26th of October. This represents a growth from 12,690 to 62,570. The growth has been described as the biggest since September and has been motivated by Shibarium’s general transactions since its official launch in August.

The total transactions were summed at 3.653 million. The said increase has continued, surging by an additional 15% last 2 weeks, with the price valued at $0.000008, the highest since the last days of August. The 40% rise in trade volume to $161,683,039 indicates that bitcoin users are still active. A cryptocurrency industry influencer, Ali, on his X handle yesterday, said that the SHIB Army hopes to generate a sense of scarcity by lowering the amount in circulation.

Data: Shibarium Records 21,3900 Transactions, Increased 7,700% In Burn Rate

This, they say, might spur demand and ultimately raise the token’s value. Shibarium has recorded over 21,3900 transactions currently. The involvement of Shibarium is believed to play a role in bursting the prices of the BONE and SHIB. On the other hand, SHIB has had a significant surge in the burn rate, as there had been a high recorded Shiba Inu token that has disappeared into what was termed a “dead wallet.”

Data from the Shibburn website has shown that there has been a 7,700% increase in the Shiba Inu burn rate as of the 29th of October. Information obtained from the platform says that the burn rate for SHIB also surged by 75% in 24 hours in the early days of October.

Data (from Shibburn) released to back this up says that 49 million SHIB tokens are officially and permanently erased from circulation. Shiba Inu also experienced a price stagnation within the early surging days of its burn rate. The high burn rate happened when the price was at 0.0000070, a critical support level.

Shiba Inu Showing Opposite Reaction Amid Growing Burn Rate

A number of efforts and projects have characterized SHIB’s involvement in the cryptocurrency arena, such as the development of the decentralized exchange ShibaSwap and the launch of the leash token, which aims to boost scarcity.

Investigation shows that SHIB’s community is constantly looking for novel methods to improve its ecosystem and expand the value proposition of its tokens as the cryptocurrency market changes and new projects come into existence.

Gamza Khanzadaev, a cryptocurrency journalist, commented that “with a 105%-104% increase in the amount of tokens sent to dead wallets, Shiba Inu’s remarkable burn rate explosion shows how dedicated its community is to actively managing and sustaining the value of SHIB.”

Meanwhile, data released on the Shibburn website reveals that at least three unique wallets were responsible for sending over a million Shiba Inu tokens to dead wallets. Other figures listed were 1,406,204 – 4,747,015.

At the moment, the SHIB isn’t reflecting the increase in the present burn rate, hence, trading at $0.000007676, a 3.67% drop in price. However, the price of SHIB Shiba Inu is moving in the opposite direction amid the growing burn rate, as seen in the recent 40% jump in its $161,683,039 trading volume.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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