Shiba Inu Burn Rate Surges Over 1,300% In 24 Hours, Can it Sustain Gains?
The Shiba Inu (SHIB) token is one of the famous meme coins in the crypto market.
With over 3.6 million followers liked by many and aiming to be more than just a meme token, the SHIB army committed a burn mechanism in which they'd have to burn some SHIB tokens to reduce its massive supply.
SHIB is massive compared to the recent SHIB burns, the SHIB burn tracking site shibburn.com a total of 37,400,646 SHIB have been burned in the last day SHIB surge in burn rate of 1,395.89%
The SHIB token burn has been a thing that has been going on for a while currently and though every burn doesn't result in a spike in SHIB's price with some burns comes a price movement.
This latest burn resulted in an upside in SHIB of approx 5% the price of SHIB between the happening of the SHIB burn had some notable gaps. SHIB was currently trading at $0.00000832 before the burn and then spiked to approx 0.00000900 after the burn.
The total SHIB burned today wasn't anywhere near the figure burned at the end of last year and the beginning of this year, SHIB is still a notable spike from the total of 2.5 million SHIB burned the day before the previous burn didn't result in any significant price moment on the SHIB price graph.
SHIB burned over time and move more demand than supply SHIB's value could appreciate more than expected the SHIB graph indicates liquidity at a higher high which needs to be taken later.
The latest burned SHIB happens to be done with two separate transactions both with the same aim but different amounts the first transaction of the SHIB burned was done at 1.26 AM UTC.
According to Etherscan data, The second transaction found at 3:57 AM UTC burned a total of 14.9 million SHIB tokens the address which limited the transaction to currently holding only 0.01 SHIB.
While the latest burns mean the SHIB army is maintaining its commitment to burning SHIB, another point indicating the community's seriousness of burning SHIB is the recent Shibarium update.
Shiba inu is currently trending on CoinMarketCap, The live Shiba Inu price today is $0.000009 with a 24-hour trading volume of $229,843,374. Shiba Inu is up 5.32% in the last 24 hours. The current CoinMarketCap ranking is #16, with a live market cap of $4,877,977,732. It has a circulating supply of 549,063,278,876,302 SHIB coins.
Shiba Inu price statistics The SHIB price change in 24 hours is +$0.0000004195 of 4.96%, the SHIB 24-hour low is $0.000008411, and the SHIB 24-hour high is $0.000008944 with $230,697,021
24 Market Dominance.
SHIB's 7-day loss is $0.000008073 and the 7-day high is $0.000008944 with 550716.93% Shiba Inu ROI and 0.57% SHIB Market Dominance.