Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Recent analysis indicates a notable decline in the token burn rate of Shiba Inu.
- Shibburn statistics reveal that 71.4 million SHIB were burned in the last 24 hours.
- The recent downturn in the Shiba Inu market has led to a price decrease and a stagnation in the burn rate.
Recent examination of the Shiba Inu network has uncovered a substantial reduction in the token burning rate, even during a relatively stable weekend trading phase. The burn rate of SHIB has experienced a significant decline, falling by over -79%. Token burning refers to the intentional removal of tokens from circulation, which decreases the overall supply.
In the case of Shiba Inu, the reduction in the burn rate over the weekend is apparent when compared to previous weeks. With a diminished supply, each remaining token could potentially see an increase in value, assuming demand remains steady or increases.
Related Posts
Shibburn data indicates that in the last 24 hours, 71.4 million SHIB were incinerated. Furthermore, 240.6 million SHIB were transferred to dead wallets over the past week.
HOURLY SHIB UPDATE$SHIB Price: $0.00000746 (1hr -0.46% ▼ | 24hr -3.51% ▼ )
Market Cap: $4,398,132,423 (-3.37% ▼)
Total Supply: 589,349,529,147,275
TOKENS BURNT
Past 24Hrs: 71,410,947 (1.19% ▲)
Past 7 Days: 240,673,041 (-79.44% ▼)— Shibburn (@shibburn) July 5, 2023
Shiba Inu price declines amid falling burn rate
Shiba Inu has faced market difficulties recently, particularly following the recent 800 billion SHIB sell-off on Binance. However, the coin has struggled to maintain a consistent price around the typical level of $0.0000075.
As per CoinMarketCap data, SHIB has decreased by over 3.5% in the past 24 hours. The burn rate has also not managed to sustain the momentum of earlier milestones where billions of SHIB were incinerated in a single day.
