Shiba Inu witnessed a remarkable 459% surge in its burn rate, removing over 115 million bitcoin SHIB from circulation.
The total burnt SHIB tokens amount to over 410 billion, valued at $3,592,719.5.
Despite a 4.46% price drop in the last 24 hours, Shiba Inu aims to capitalize on its positive deflationary trend to prevent further slips.
Shiba Inu (SHIB) has experienced a dramatic surge in its burn rate, raising hopes for a much-needed market recovery. According to data from Shibburn.com, the burn rate skyrocketed by an astonishing 459% in the past 24 hours, settling at 148.49% at the time of writing.
This upsurge has led to the permanent elimination of more than 115 million SHIB tokens from the market, representing a noteworthy step towards achieving market stability. The cumulative amount of SHIB tokens burned has reached an impressive 410 billion, equivalent to a monetary value of $3,592,719.5.
This remarkable achievement underscores the collective efforts of ecosystem partners who have contributed to the manual burning of SHIB, emphasizing its pivotal role in the token’s survival. Meanwhile, despite a recent 4.46% dip in price over the last 24 hours, with SHIB currently valued at $0.000008741, Shiba Inu remains steadfast in its quest for a rebound.
The positive deflationary sentiment brought about by the surge in the burn rate is seen as a crucial factor in preventing further slips in price. Shiba Inu has recently faced challenges, losing ground and experiencing a 10.22% drop in the past seven days.
The current market dynamics raise speculation about the potential impact on price growth. While the burn rate’s recovery is a noteworthy boost, some believe that more substantial growth may be necessary to catalyze a significant upsurge in the meme coin’s price.
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