Shiba Inu (SHIB), the meme-inspired cryptocurrency that has been gaining popularity in the crypto market, has seen a massive surge in its burn rate in the last 24 hours.
According to Shibburn, a website that tracks the burn rate of SHIB, it has increased by an enormous 8321.75%, leading to over 750,000,000 SHIB being sent to a burn address.
The burn rate of a cryptocurrency refers to the amount of tokens that are sent to a burn address with the aim of reducing the total supply of the cryptocurrency. This is done to create deflationary pressure on the token, thereby increasing its value. In the case of SHIB, the massive increase in the burn rate is likely to have a significant impact on its supply/demand dynamics.
SHIB was launched in August 2020 as an ERC-20 token on the Ethereum blockchain. It is a meme-themed cryptocurrency that has gained a lot of attention in the crypto market due to its unique branding and marketing strategy. The project is backed by a decentralized autonomous organization (DAO) called Shibaswap, but the anonymous creators behind it have not been revealed.
Despite being a relatively new cryptocurrency, SHIB has already achieved a market cap of $6.42 billion and a 24-hour trading volume of $387 million. The price of SHIB is currently $0.000011, which is up 1% in the last 24 hours. This indicates that despite the massive increase in the burn rate, the demand for SHIB remains strong among investors.
The surge in SHIB’s burn rate is likely to have a significant impact on the cryptocurrency’s future price movements. It remains to be seen whether the increased deflationary pressure will lead to a sustained increase in SHIB’s value or if it is just a temporary phenomenon.
Read more:
- Whales’ Interest In Shiba Inu Has Resumed; SHIB Social Activity Soars To 90-Day High
- Dogecoin Whale Concentration Is Positive Trigger For Impending Bull Run
- Shiba Inu Burn Rate Still At 4-Digits, But It Might Not Be Significant Fuel For Price
- Shiba Inu Price Is Predicted On Easter Day, April 9