Shiba

Torches

Value

Burn

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/shiba-inu-shib-price-on-verge-of-breakout-or-breakdown-what-might-be-next" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB) recently drew the market's attention with a remarkable surge in burn rate. Notably, the SHIB burn rate surged over 1,000%, drastically reducing the amount of tokens in circulation. This move has heightened investor anticipation for a bullish SHIB price movement.
<h2 id="soaring-shib-burn-rate">Soaring SHIB burn rate</h2>
According to<a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">Shiburn</a> data, the SHIB burn rate increased by 1,068% within the last 24 hours. As a result, 51,763,782 SHIB tokens were sent to dead wallets and permanently removed from circulation.
<blockquote class="twitter-tweet">
 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> Price: $0.00002657 (1hr 0.33% ▲ | 24hr -15.22% ▼ )Market Cap: $15,674,923,016 (-15.09% ▼)Total Supply: 589,257,325,374,679TOKENS BURNTPast 24Hrs: 51,763,782 (1068.01% ▲)Past 7 Days: 423,054,507 (-90% ▼)— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1866377351463907328?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 10, 2024</a>
</blockquote>
Meanwhile, 2.44 billion tokens were scorched in the last seven days, representing a 10.57% increase in weekly burn rates. These massive burns have drastically shredded the total supply, at 589,257,325,374,679 SHIB tokens.
The recent burn activity marks one of the largest single-day reductions in the SHIB supply in recent weeks, indicating substantial community involvement. The broader market’s sentiments surrounding the meme coin turned optimistic against the backdrop of the law of supply and demand.
This is largely reflected in SHIB’s soaring trading volume. Trading volume jumped over 109% in the last 24 hours, indicating investors’ renewed interest.
<h2 id="shiba-inu-ecosystem-update-and-price-impact">Shiba Inu ecosystem update and price impact</h2>
Recent developments in Shiba Inu’s layer-2 solution, Shibarium, have increased investors’ optimism about the meme coin.
U.Today<a href="https://u.today/new-shib-burn-contract-announced-as-part-of-new-shibarium-mainnet-upgrade" rel="noopener noreferrer nofollow">reported</a> that the Shiba Inu team recently announced major upgrades for the Shibarium mainnet. The upgrade includes recent revisions to the Heimdall and Bor hard forks and a new contract for burning SHIB tokens.
Meanwhile, Shibarium has<a href="https://u.today/shiba-inus-shibarium-hits-all-time-high-in-major-metric-after-851-surge" rel="noopener noreferrer nofollow">grown</a> its Total Value Locked by 851%, starting from just $1.23 million. The robust performance of the Shiba Inu blockchain is also reflected in its on-chain performance.
Despite the 1,068% burn rate surge, SHIB's price slipped 12% in the last 24 hours, setting the price at $0.00002693. However, SHIB’s price surged over 12% in the past week, underscoring market potential amid a broader bullish landscape. <a href="https://u.today/shiba-inu-torches-51763782-shib-as-burn-rate-soars-1068" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Shiba Inu Torches 51,763,782 SHIB as Burn Rate Soars 1,068%

Table of Contents

U_Today

Other articles published on Dec 10, 2024

EU Implements Comprehensive Regulations for Crypto Firms

Altcoin Season Index Climbs to 66, Signaling Growing Altcoin Market Momentum

One Of Donald Trump’s Sons Predicts The End Of Traditional Banks

Market Experts Analyze Recent Cryptocurrency Fluctuations

Marathon parks $1.1b in Bitcoin after note sale

Weekend Investment Alert: Best Meme Coins to Buy This Week Featuring BTFD Coin, Dogwifhat, and Fl...

Join our free newsletter for daily crypto updates!