Crypto News – Shiba Inu, an altcoin based on the Ethereum blockchain, is once again making waves in the cryptocurrency sphere, experiencing a notable surge in price as of November 11.
Shiba Inu Price Surge Accompanied by the Burning of Over 361 Million SHIB Tokens This Week
As of the latest update, the Shiba Inu burn rate has seen a significant decline, capturing the attention of crypto enthusiasts worldwide.
In recent days, the broader Shiba Inu market has displayed a bullish sentiment, spurred by the Shiba crypto community’s ongoing initiatives to garner support for the token. According to data released by Shibburn, the coin’s burn rate has experienced a substantial drop of 62.21% in the past twenty-four hours. At the time of writing, more than 46.14 million SHIB tokens have been burned in the last day, challenging the figures reported in the previous burn report.
Moreover, the Shiba community’s efforts have led to the burning of over 410 trillion SHIB tokens from the initial supply, contributing to the enhancement of SHIB tokenomics.
The primary objective behind burning Shiba Inu tokens is to create scarcity, thereby increasing the value of the remaining tokens. By reducing the circulating supply, the burn rate aims to counter potential inflationary effects associated with increased token minting or distribution.
Analyzing the Shiba Inu Token Price Movement
As of the current writing, the SHIB price has observed a notable 8.55% surge in the last twenty-four hours, reaching $0.000009052. Furthermore, the weekly price has experienced a substantial increase of 15.12%, accompanied by a noteworthy 23% rise in overall trading volume, reaching 347 million as of today.
This upward price movement appears to correlate with the recent burning of a substantial number of SHIB tokens, resulting in a significant reduction in the token’s overall supply. Notably, within the past seven days, a total of 361.81 million tokens have been burned from the circulating supply.
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