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37 Million Shiba Inu (SHIB) in 24 Hours, What’s Happening?
Mushumir’s ass
More than 37 million SHIB tokens burned in the last 24 hours
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Shiba Inu (SHIB) has finally witnessed a positive development amid the current bearish sentiment in the broader crypto market. SHIB’s burn rate has increased by 529.72% in the last 24 hours, according to the latest data from Shibburn.
Furthermore, around 37.53 million SHIB tokens were burned during this period. This is an interesting update for the Shiba Inu community, as this latest increase adds to the growing number of tokens being sent to dead wallets.
As of press time, around 410.7 trillion tokens have been burned in the currency’s initial circulating supply. Notably, the current supply of the meme coin is 583.3 trillion tokens. This continued burning of Shiba Inu coins is a highly bullish move for a number of reasons.
For example, reducing the circulating supply of a currency makes it deflationary in nature. We know this Bitcoin (BTC) has a limited supply of 21 million coins. This unique aspect makes it one of the most deflationary currencies in the industry, which ultimately leaves a positive impact on the price of BTC.
Although Shiba Inu is in very high supply, the constant burning of these tokens can also have a positive impact on its price. It may not be as good as Bitcoin, but it could still make SHIB one of the deflationary cryptocurrencies on the market.
What does this mean for the price of the Shiba Inu?
Meanwhile, SHIB’s current price is still struggling along with the broader market. According to CoinMarketCap, Shiba Inu is currently trading at $0.00001776, down 4.83% in the last 24 hours. The market capitalization of meme coin also fell 4.82%, currently at US$10.47 billion.
Although the latest increase in consumption rate did not help the price of SHIB, it is expected to leave a positive impact in the long run. Sending 37.53 million tokens to dead wallets is part of a large effort. It needs to be an ongoing process, which will ultimately give a huge boost to this highly popular meme coin.
About the author
Mushumir’s ass
With over three years of immersive experience in the crypto industry, Mushumir is an experienced crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique combination of technical insight and communicative talent to the crypto space. Having written countless articles, analyzes and market reports, Mushumir has developed a distinct voice that resonates with both seasoned investors and crypto newcomers.