What Caused the 4000% Surge in SHIB Burn?
On July 12, the SHIB burn rate increased by about 4000%. This indicates that the meme coin is still improving its market dynamics. Curiously, the increase in burn rate coincides with speculation about a possible Shiba Inu ETF, igniting more debate among cryptocurrency enthusiasts worldwide. Meme coin, on the other hand, appears to be consolidating right now, which raises interest among players in the cryptocurrency market.
According to statistics compiled by tracker Shibburn, two days ago, there was an incredible 3988.31% increase in burn rate. The loss of 71.18 million coins during the last 48 hours is the main cause of this upsurge.
- The burning mechanism of the Shiba Inu eliminates the whole market supply, which stands at 589.27 trillion coins.
- Notably, out of the original supply, 410.72 trillion tokens have been burned up to this point.
SHIB’s 2.64% Rise: Current Price, Weekly Increase, and Future Market Outlook
The SHIB price rose 2.64% during this writing to settle at $0.00001744. Its 24-hour high was $0.00001757, while its low was $0.00001688.
The value of the weekly chart, however, indicates a 6.39% upswing, suggesting that today’s price gain is consistent with the overall market trend. SHIB may also be prepared for a 30% dump before an incredible surge, according to recent research by CoinGape Media. The meme coin’s long-term prospects are made more optimistic by all of the on-chain factors taken together.
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Why is the SHIB Token Burn Important?
A SHIB token burn could potentially increase the value of the token by reducing supply. This could make it more attractive to investors and attract more interest in the Shiba Inu ecosystem.
How Long Will the SHIB Burn Continue?
The duration and amount of the SHIB burn depends on the goals of the Shiba Inu community and the project. This may change over time and can be adjusted depending on the community’s decisions.
How will SHIB Burning Affect the Price of SHIB?
The SHIB burn can increase the scarcity of the token by reducing the supply. This could potentially increase the price of the token when demand remains stable or increases. However, market conditions and other factors can also affect the price.
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