Shiba Inu Burn Rate Soars 3,010%! How Does It Impact SHIB Price?

Bittime - Shibburn, a platform that monitors SHIB token burning, reported that the SHIB token burn rate shot up sharply. Shiba Inu's burn rate shot up to 3,010% on Wednesday, June 12, 2024! More than 232 million SHIB tokens were burned by the SHIB community.

Shiba Inu SHIB Burn Rate Soars High

This significant increase in token burning occurred precisely when the price of the Shiba Inu coin was falling. Token burning aims to reduce the amount of SHIB in circulation. 

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The hope is that with reduced supply, the value of the SHIB token can be pushed up. According to Shibburn data, SHIB burn rate jumped 3010.53% in a day.

The SHIB community worked together to burn 232.64 million SHIB tokens through various transactions. There is one digital wallet that attracts attention because it contributes the most. This wallet with address 0xd9a… burned 225.63 million SHIB tokens at once by sending them to a dead wallet.

Also read: Can Shiba Inu Coin (SHIB) Make Someone Enriched?

Additionally, two other wallets also made significant contributions by burning more than 1 million tokens in various transactions. The second wallet, 0xa9d…, sent 3.18 million SHIB tokens to the dead wallet in two transactions. Another wallet, 0xc58…, burned 1.69 million SHIB tokens to a dead wallet.

Other SHIB communities also took part by burning tokens in smaller amounts, thereby increasing the burn rate. The total number of SHIB tokens that have been burned has now reached a fantastic figure, namely 410.72 trillion.

Impact of Shiba Inu Burn Rate on SHIB Price

To date, the price of SHIB has fallen 1.1% to $0.000021 (around IDR 0.35) as of Thursday 13 June 2024. The market capitalization of this meme coin is still $12.7 billion (around IDR 207.7 trillion). 

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SHIB's 24-hour trading volume also fell 0.49%, although it rose 30.12% yesterday. The 24-hour trading volume of this token was $809.3 million (around IDR 13.18 trillion). 

It is possible that this spike was caused by a massive sell-off. This can be seen from the long liquidation worth $1.34 million (around Rp. 21.7 billion) last Wednesday.

Also read: Shiba Inu Gets Stronger After ShibaSwap Migration to Shibarium

Currently the SHIB price is far below the crucial resistance point of $0.0000217 (around Rp. 0.35). According to a previous Coingape report, if it successfully passes this limit, the price of SHIB could rise to $0.00003 (around Rp. 0.49) in the near future. In fact, this increase has the potential to continue to $0.00005 (around Rp. 0.81) if the momentum is maintained.

If the level of $0.00005 (around Rp. 0.81) can be maintained, the SHIB price could accelerate towards the ambitious target of $0.0001 (around Rp. 1.62). However, it should be noted, SHIB is still far from its all-time high (ATH) of $0.00008845 (around Rp. 1.43). Apart from that, the general crypto price trend is weakening.

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To reach these lofty targets, which far exceed previous records, SHIB price needs to recover past $0.000025 (around Rp. 0.4). This recovery may be driven by the high burn rate and speculation regarding the Shiba Inu ETF, although there is no certainty yet.

How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime. 

Monitor 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.

Also read:

Shiba Inu Officially Collaborates with CDSA for the Success of Shibarium

Shiba Inu (SHIB) Ready to Hit the Market! What Will Be Released?

Transactions at Shibarium Decline, How Does This Affect the Price of Shiba Inu (SHIB)?

Lead Developer: Shiba Inu Remains As Dogecoin Killer

DISCLAIMER: This article is informational in nature and is not an 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 and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.