Shiba Inu, a cryptocurrency inspired by the popular dog breed, has been making headlines lately due to its skyrocketing popularity and volatile price movements. According to recent data shared by tracking platform Shibburn, the SHIB community has burned a staggering 4,846,823 SHIB in the last 24 hours, pushing the burn rate up by 384%.
This news was shared by Shibburn on their official Twitter handle, where they also revealed that despite the recent surge in burn rate, the overall amount of burned SHIB over the past week has been significantly lower. In fact, only 21,184,222 SHIB was burned during the past week, which is 93.48% smaller compared to the week before.
HOURLY SHIB UPDATE$SHIB Price: $0.00001034 (1hr -0.19% ▼ | 24hr 0.29% ▲ )
Market Cap: $6,101,652,878 (0.48% ▲)
Total Supply: 589,366,748,529,175TOKENS BURNT
Past 24Hrs: 4,846,823 (384.68% ▲)
Past 7 Days: 21,184,222 (-93.48% ▼)— Shibburn (@shibburn) April 29, 2023
This information was also corroborated by the hourly SHIB update tweeted by the platform, which showed that the SHIB price had gone up by 0.29% in the last 24 hours, while the market cap had increased by 0.48%.
Shiba Inu’s rise to fame has been fueled in part by the growing interest in meme-inspired cryptocurrencies, with many investors looking to capitalize on the success of other coins like Dogecoin. Despite its somewhat controversial reputation in the cryptocurrency community, SHIB has managed to attract a significant following and has even been listed on major exchanges like Binance and Coinbase.
However, the high burn rate of SHIB and the recent decrease in the overall amount of burned tokens have raised concerns among some investors. While the surge in burn rate may indicate a strong demand for SHIB, the lack of consistency in the amount of tokens being burned could make it difficult to predict the coin’s future price movements.
As always, investors are advised to exercise caution and do their own research before investing in any cryptocurrency. With the cryptocurrency market known for its volatility, it’s important to stay informed and be prepared for any potential risks.
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