The leading meme coin Shiba Inu burns continue unabated and have recently experienced a staggering burn rate. Burnings are generally activities that attract the attention of the community.
The burn rate exceeded the community’s expectations. In this regard, it witnessed an impressive burn increase of 4200% by burning more than 410.7 trillion SHIB tokens from its maximum supply.
This increase brought the Shiba Inu back into the spotlight, attracting the attention of both the crypto community and analysts. To put it briefly, the burning frenzy of the last 24 hours has caused fluctuations in the crypto market.
Shiba Inu Burn Rate Increased by 4200%
The increase in burn rate in Shiba coin continues to further increase the popularity of meme coin in the crypto arena.
The current rate of slaughter has resulted in the elimination of a significant portion of the total supply of Shiba Inu. Currently, more than 410.7 trillion SHIB tokens have been removed from circulation, contributing to increased burn enthusiasm. The total Shiba Inu supply currently stands at 589.29 trillion and the circulating supply at 581.25 trillion SHIB reflects the impact of this impressive cremation milestone.
On the other hand, in the last 24 hours, notable wallet addresses played a significant role in the burning activity. The highest individual burns include 7.33 million SHIB from wallet address 0xaa3….d530b, 5.57 million SHIB from wallet address 0x084….526e9, and 1.25 million SHIB from wallet address 0x811….1954f. These significant burns from prominent addresses add to the excitement of an enthusiastic community actively participating in reducing the supply of Shiba Inu tokens.
SHIB Price & Performance
Koinfinans.com As we reported, despite the huge burn rate, SHIB did not experience any increase in price. At the time of writing, the Shiba Inu price was down 0.88% in the last 24 hours and was traded at $0.000008852.
However, trading volume also fell 22% to $88.56 million in the same time period. SHIB saw a low of $0.000008755 and a high of $0.000008982 in the last 24 hours.
On the other hand, market analysts are predicting a potential increase in the value of SHIB if it breaks the initial resistance of $0.00001. A successful climb beyond this point could pave the way for an upward move towards the $0.00003 mark, with the next major barrier at $0.000015 being breached.
You can access current market movements here.