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Market News Shiba Inu Burn Rate Soars 2,355.86% Due to the Destruction of 110 Million Tokens

Shiba Inu Burn Rate Soars 2,355.86% Due to the Destruction of 110 Million Tokens

In the past twenty-four hours, the burn rate of Shiba Inu (SHIB) has increased by 2,355.86%, resulting in 110,474,927 SHIB being sent to deceased wallets and contributing to a total of 410,724,538,934,667 SHIB that have been annihilated. Despite the current 5.95% decline, price expectations are for an increase.

TOP1 Markets Analyst
2024-04-03
12016

 Shiba Inu 2.png

 

As per the report by U.Today, the combustion rate of Shiba Inu (SHIB) has exhibited a substantial surge of 2,355.86% within the preceding twenty-four hours. As a consequence, 110,474,927 SHIB have been transferred to inactive wallets. The burn rate metric has historically played a significant role in reigniting interest in the digital currency, and the most recent data from Shibburn.com indicates that ShibArmy members are committed to the deflationary move. A number of wallets have assisted in the transfer of SHIB to the inactive wallet. Among these, a transaction involving 105,469,546 SHIB was particularly noteworthy, as it was executed by a wallet address bearing the marker "0x7d0c...b521f." An additional 3,370,930 SHIB were transferred from "0xdfff9e...cca3b" and 1,306,865 SHIB were transferred from "0x420801...c6836d," both of which further augment the overall sum.

 

The total number of destroyed Shiba Inu tokens has increased to 410,724,538,934,667 units, with the circulating supply remaining at 589,275,461,065,332 SHIB, following the incineration of the most recent 110 million SHIB. Generally, it is anticipated that the cost of SHIB will increase in tandem with the waste rate. As of the moment of composing this text, the value of SHIB is estimated by the crypto analytics platform CoinMarketCap to be $0.000027, reflecting a 24-hour decline of 5.95%. From a low of $0.00001987 one month ago, SHIB has accumulated a significant peak of $0.00004534. In an effort to retest its all-time high (ATH) over the long term, the price of the meme coin might revert to its peak as the burn rate metrics and the influence of SHIB billionaires revive investor confidence.

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