Shiba Inu, the popular meme token, has experienced an astonishing surge in its burn rate, increasing by over 400% in just one week. In the span of 24 hours, a staggering 10.92 million SHIB tokens were burned, according to data from Shibburn.
Shytoshi Kusama, the enigmatic leader of Shiba Inu, recently made an appearance at the Infinity Venture Summit 2024. Maintaining his anonymity, Kusama wore a mask while discussing the exciting advancements in Web3 technology.
Despite the volatility of the crypto market, the burn rate of the Shiba Inu token continues to rise. Shibburn’s data shows a 24.83% increase in the burn rate within the past 24 hours alone, resulting in the burning of approximately 10.92 million SHIB tokens.
Here is the hourly update on SHIB:
– Price: $0.00001564 (1hr -0.33% ▼ | 24hr -1.07% ▼)
– Market Cap: $9,218,094,220 (-0.70% ▼)
– Total Supply: 589,272,541,589,000
In the past 24 hours, a total of 10,925,502 SHIB tokens were burnt, marking a 24.83% increase. Over the past seven days, an astounding 357,062,796 SHIB tokens have been burned, representing a remarkable 426.04% increase.
The crypto market remains volatile, and caution is advised despite the recent recovery over the past two days. Investors are keeping a close eye on the market for any indications of short-term trends this week.
On a separate note, Shytoshi Kusama’s appearance at the Infinity Venture Summit 2024 has generated significant interest and speculation within the Shiba Inu community. Kusama’s decision to wear a mask and maintain anonymity has only added to the intrigue surrounding the mysterious leader.
At the time of writing, SHIB is trading around $0.00001577, experiencing a 2.11% drop in the last 24 hours. However, there is still optimism for a strong upward movement, especially if SHIB can surpass and maintain a value above the $0.000016 mark, similar to the weekend’s performance.
While the recent increase in the burn rate is seen as a positive sign for Shiba Inu enthusiasts, the overall market sentiment remains cautious. The ability of SHIB to overcome bearish trends and initiate a bullish trend will largely depend on the next few days.
The significant rise in the burn rate signifies a decrease in the total supply of SHIB tokens, which can impact the token’s value over time, either positively or negatively. Long-term investors are closely monitoring this development as it plays a crucial role in the token’s appreciation.
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