Bittime - The Shiba Inu (SHIB) community recently carried out a massive burn, removing 7.6 million tokens from circulation. As a result, Shiba Inu's burn rate skyrocketed to 70,000%, attracting attention in the crypto world.
Shiba Inu's Burn Rate Soars
According to data from Shibburn, a platform that monitors SHIB token burns, nine wallets burned 7.6 million SHIB tokens in 24 hours. Transactions from the '0x60' wallet address stood out, burning more than 4.3 million SHIB tokens.
Furthermore, the wallet added another 1 million tokens to the burn amount, bringing its total contribution to more than 5 million SHIB tokens removed from circulation in a single day.
The second largest transaction came from another wallet address, '0xc6', which burned 1,538,128 SHIB tokens. This latest burning episode has pushed the total number of Shiba Inu permanently removed from circulation to 410.7 trillion.
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Impact on SHIB Price
Currently, the circulating supply is around 583.2 trillion. Interestingly, this latest burn occurred after an increase in SHIB's burn rate of 3,894%, according to a previous report from Crypto News Flash.
The main strategy behind the SHIB token burn is to create scarcity, which is expected to increase the price in the long run. However, the direct effect on market prices appears to be limited. Despite the recent burning efforts of the Shiba Inu community, the market price of SHIB has not shown a significant increase.
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In fact, the price of SHIB has actually fallen slightly, falling by 3.27% in the last 24 hours, settling at $0.00002235 (Rp0.358). This decline is part of a larger downward trend, with SHIB experiencing a price drop of more than 6% in the past week.
However, trading volume increased by 33.7% to $628 million in the past day, with a market capitalization standing at $13.1 billion.
Shiba Inu Price Today
At the time of writing, the price of SHIB is down 3.04% in the last 24 hours. Based on data monitoring from Bittime, Shiba Inu is trading at the level of $0.00002227 per token in the SHIB/USDT trading pair.
Source: Bittime
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Shiba Inu ETFs, Is It Possible?
Through the X platform, Lucie, the head of social media marketing of the Shiba Inu team, shared an interesting informational outlook on this ecosystem. He pondered the possibility of a SHIB-based Exchange-Traded Fund (ETF) while voicing concerns about the token's recognition by major financial institutions.
"I honestly don't know if institutions will understand how important $SHIB is to society and their future finances. I hope BlackRock can understand the magic and power of $SHIB, but let's see how visionary they are," Lucie wrote.
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Lucie emphasized the "unique value" that SHIB brings and supports a broader understanding of financial giants like BlackRock.
"I wish BlackRock could understand the magic and power of $SHIB, but let's see how visionary they are. The most important thing for us is to grow and stick to our original vision," said Lucie.
Meanwhile, SHIB has also attracted attention from other institutional players such as Franklin Templeton. Previously reported by Crypto News Flash, the company that manages $1.6 trillion in assets is considering investing in SHIB. According to an unnamed source, this investment is aimed at the launch of a new crypto altcoin fund by Franklin Templeton.
Conclusion
Shiba Inu is a meme coin competitor to Dogecoin. ShibArmy, the Shiba Inu community, is known for being solid and strong. They are also active in the humanitarian solidarity movement. With a strong community and support from major institutions, Shiba Inu continues to demonstrate its potential as a significant player in the crypto world.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and securely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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