Shiba Inu (SHIB) Burn Rate Sees 807% Surge in 24 Hours

The Shiba Inu (SHIB) burn rate has skyrocketed by 807% in the past 24 hours, with over 20.5 million SHIB tokens permanently removed from circulation. This significant jump marks a notable increase compared to the previous day, with the total burn amount nearly quadrupling.

SHIB Burn Rate Skyrockets

According to recent data, the majority of the burn came from two large transactions, one carrying 13.5 million SHIB and another 6.3 million. This surge in the burn rate could hint at renewed interest in SHIB, with the community actively working to reduce the overall supply of tokens.

Despite the daily burn rate surge, the weekly picture tells a different story. Over the past week, SHIB burns actually dropped by around 94.6% compared to previous weeks. However, about 62.7 million SHIB tokens were still burned in total over the last seven days, which exceeds the daily number.

SHIB Price and Market Data

As of the latest update, the SHIB price stands at $0.00001579, with a market cap of $9,303,958,601. The total supply of SHIB tokens is 589,255,603,143,881.

Tokens burned in the past 24 hours: 20,530,875 (807.68% increase)

Tokens burned in the past 7 days: 62,766,791 (94.6% decrease)

The Goal Behind SHIB Burns

The goal behind these SHIB burns is to reduce the overall supply of SHIB, potentially creating scarcity and boosting its value over time. With fewer tokens in circulation, demand could eventually push prices higher.

Tips for SHIB investors:

  • Keep an eye on the SHIB burn rate, as it can impact the token’s value.
  • Understand the goal behind SHIB burns and how it can affect the market.
  • Stay up-to-date with the latest SHIB price and market data.

Renewed Interest in SHIB?

The recent surge in the burn rate could hint at renewed interest in SHIB. Crypto trader $SHIB Knight shared a weekly SHIB price chart, noting that the market may be turning a corner.

“The dip is behind us. We’re seeing the first green candle on the weekly chart after five straight red ones—this could be the start of a reversal.”

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