SHIB burn rate within the last 24 hours has recorded a 1,431% increase, leading to the torching of over 1 million tokens.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
Data from Shibburn, the website dedicated solely to tracking the burning of dog-themed Shiba Inu SHIB $0.000013 24h volatility: 4.2% Market cap: $7.56 B Vol. 24h: $197.50 M , shows that the burn rate has hit 1,431%.
This action, which drops the circulating supply of the meme coin, is expected to trigger a price jump. At this time, no positive momentum of such has been recorded for Shiba Inu.
According to Shibburn, the 1,431.39% increase in burn rate led to the destruction of 1,070,011 SHIB within the last 24 hours. Such huge burns often contribute upward pressure to the price of the meme coin.
Latest burn transactions on Shibburn. | Source: Shibburn
This follows the principle that says a crunch in supply, accompanied by steady or rising demand, generally drives an asset’s value higher.
SHIB is currently trading at $0.00001301, with a 2.39% decline within the last 24 hours. Its 24-hour trading volume is 20.09% down at $221.93 million, suggesting declining traders’ engagement. In the same vein, the SHIB market cap is pegged at $7.67 billion.
These key metrics are yet to capitalize on the recent burn activity in the ecosystem. Market experts opine that the next upside targets could extend toward $0.0000150 and $0.0000200.
However, this is dependent on whether SHIB can decisively close above the upper resistance line near $0.0000130.
Shiba Inu has a maximum supply of 999,982,338,526,316. So far, a total of 410,752,293,878,954 SHIB has been burnt from the initial supply of the token. This leaves the meme coin with only about 584,711,919,016,228 in circulation.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
