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.
- Shiba Inu’s burn rate surged to approximately 13070.90%.
- A total of 410.63 trillion SHIB tokens have been eliminated from Shiba Inu’s original supply.
Shiba Inu, recognized as the second largest memecoin, has experienced a significant rise in its burn rate. Shibburn, the cryptocurrency platform that monitors SHIB transfers on etherscan, indicated that within the past 24 hours, the burn rate of SHIB has soared to around 13070.90%.
2,005,265,274 $SHIB -> sent to dead wallet. https://t.co/H2zMHO9VD9
— Shibburn (@shibburn) May 2, 2023
2,005,265,274 $SHIB -> sent to dead wallet. https://t.co/H2zMHO9VD9As per the Shibburn report, the increase in the SHIB burn rate followed the incineration of over 2 billion SHIB tokens in a single transaction. The burning process entails transferring the tokens to a dead wallet, rendering them untradeable and unusable for any other purposes.
Related Posts
The SHIB burn rate can have a direct effect on the trading price by reducing the total supply. However, it is not guaranteed that token burning will influence the trading price, as it is contingent on various factors, including market sentiment and the overall condition of the global cryptocurrency market.
In the past 24 hours, approximately 2.25 billion SHIB tokens were burned. Additionally, more than 410.63 trillion tokens have been removed from Shiba Inu’s initial supply.
At the time of this report, the trading price of SHIB is around $0.00001002, reflecting an increase of 0.60% over the last 24 hours, according to CoinMarketCap.
Recommended For You:
- Shiba Inu (SHIB) Price Prediction 2023
