Shiba Inu (SHIB) burn rate increased by 200%. This development was welcomed as a positive development in the cryptocurrency market.
This action, which removes millions of SHIB tokens from circulation, points to a deliberate strategy to reduce the total supply of the token, thereby increasing its scarcity and potentially its price.
Increase in Shiba Inu Breeding
According to Shibburn, the platform that tracks Shiba Inu cremations, there has been a significant increase in the cremation rate, with 7,648,382 SHIBs removed from circulation in the last 24 hours. This 191.69% increase in burn rate is the result of two large transactions that together burned 7,621,237 SHIB tokens.
The SHIB burn initiative aims to reduce the amount of SHIB tokens in circulation, which reduces the total supply of the digital asset. As a result, this could cause the Shiba Inu to become less available, potentially increasing its value on the market.
Notable SHIB Movements
In addition, a recent report revealed a large transfer of SHIB tokens from Coinbase. This created speculation within the community about the reasons behind this move.
An unidentified wallet transferred 225 billion SHIB from Coinbase in two transactions in two days. This shows that the wallet is worth approximately $2.10 million in SHIB.
This recent increase in the burn rate has coincided with an increase in the price of SHIB, which has risen by more than 3% in the last 7 days. Currently, SHIB is trading at $0.00000936, with a 2% increase in market cap and a 16% decrease in trading volume in the last day.
The acceleration in token burns and SHIB large movements on exchange platforms like Coinbase reflect an active phase in terms of managing the supply and demand for Shiba Inu.
These actions include SHIB’s cryptocurrency It can be interpreted as efforts to strengthen its position in the market, making its asset more attractive to investors and traders by increasing its scarcity and potentially its value.
You can access current market movements here.
