Crypto News- Shiba Inu has swiftly risen as a notable contender in the ever-evolving cryptocurrency landscape, capturing the attention of investors. In recent times, Shiba Inu has been causing a stir in the industry due to a remarkable surge in its burn rate.
Shiba Inu Token Burn: Over 84 Million Tokens Destroyed, Leading to Sharp Decline in Memecoin’s Value
The official Shiba Inu burn tracker, Shibburn, took to X (formerly known as Twitter) to announce the impressive performance of this decentralized cryptocurrency. According to the tweet, Shiba Inu’s burn rate has experienced a substantial increase, resulting in the removal of a noteworthy 84,203,486 Shib tokens from the total supply in just one day. The post also highlighted the occurrence of nine transactions within the past 24 hours.
For those unfamiliar with the concept, burning is a deflationary process that permanently reduces the circulating supply of a cryptocurrency. This action typically drives up demand and subsequently increases the market value by decreasing the total supply. Shiba Inu’s total token supply is a staggering 999,982,697,981,254, and with the burning of 410,661,199,268,822 tokens, nearly half of the entire cryptocurrency supply has been eradicated.
According to Shibburn’s X post, on October 18, a total of 39,828,715 Shib tokens were burned. A comparison of data from these two days clearly illustrates the remarkable surge in the token’s burn rate.
Introduced in 2020, Shiba Inu has ascended to become a leading meme coin in the world of cryptocurrencies. While it draws its inspiration from the Japanese Shiba Inu dog breed, it also serves as a mascot for Dogecoin, another significant player in the crypto sphere. Presently, Shiba Inu is trading at $0.00000674, showing a 2.69% decrease within a single day and a 1.20% decline over the past seven days. Despite a market capitalization decrease of more than 2%, now standing at $3.97 billion, Shiba Inu maintains its position as the 19th most prominent cryptocurrency.
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