On Tuesday, (09/01/2024) Shiba Inu, known as a rival to Dogecoin, created a big stir in the cryptocurrency world. This is due to a very high increase in the number of SHIB tokens being burned (known as the “burn rate”). This increase attracted widespread attention in the cryptocurrency market, especially because it occurred at the same time as the price of SHIB rose.
A total of 33.88 Million SHIB Has Been Burned
The Shiba Inu community has burned millions of SHIB tokens recently, indicating there is optimism in the market regarding the future of the token.
According to a report from Shibburn, a platform that tracks SHIB burning, the community has burned around 33.88 million SHIB in just the last 24 hours. This marks a 906.27% increase in burn rate on Tuesday, January 9th.
To date, the Shiba Inu community has burned as much as 410.69 trillion SHIB of their initial total supply. This is done to increase the value and usefulness of the SHIB token. On the same day, the community also moved 30.97 million SHIB to an inactive wallet.
Additionally, there was another large burn transaction that attracted attention, where 1 million SHIB was burned by an unknown address.
SHIB Prices Also Skyrocket
Simultaneously with this token burning activity, the price of SHIB on the market also showed a striking increase. This indicates a correlation between token burning and price increases.
At the time of writing, the price of Shiba Inu has increased 5.34% in the last 24 hours, reaching $0.000009521. However, the price of this token shows a decline when viewed from the weekly and monthly charts.
Conclusion
Today's price increase is largely attributed to an increase in the burn rate, giving rise to bullish expectations for the SHIB token. The Shiba Inu community, which continues to burn tokens, is expected to continue to strengthen SHIB's position in the cryptocurrency market.
Also read:
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Understanding Fundamental Analysis and Technical Analysis in the Crypto World
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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.
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