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Shiba Inu Coin Burning Rate Increases 3010% with 232 Million SHIBs Burned
During the prevailing downtrend, the Shiba Inu (SHIB) The meme coin has witnessed a notable increase in token burning rate. Data from Shibburn, a platform that tracks the burning of SHIB tokens, shows an increase of almost 3010% on Wednesday, June 12. Additionally, more than 232 million SHIB tokens were incinerated by the community.
The burning rate of Shiba Inu coins skyrockets
This significant increase in token consumption occurred during a time when the price of the Shiba Inu coin was declining. By decreasing the circulating supply of SHIB, the burn rate has the potential to increase the value of the token. Over the past day, the SHIB token consumption rate has skyrocketed by an astonishing 3010.53%, according to data from Shibburn.
During this time, the Shiba Inu community they collectively burned 232.64 million SHIB tokens across multiple transactions. Additionally, a wallet address stood out as the SHIB burn rate soared. The wallet address, 0xd9a…, burned a whopping 225.63 million SHIB tokens via transfer to a dead wallet in a single transaction.
Additionally, two other wallets made significant contributions by burning over 1 million tokens in various transactions. The second wallet, 0xa9d…, moved 3.18 million SHIB coins to a dead wallet via two transactions. Additionally, another address, 0xc58…, moved 1.69 million SHIB to a dead wallet.
Other members of the Shiba Inu community also contributed by conducting several smaller token burns, further increasing the burn speed. As a result, the total number of SHIB tokens burned reached a staggering 410.72 trillion.
Read also: Shiba Inu Burn Rate Rises 2955% During ETF Deals, Will SHIB Price Recover?
Potential impact on SHIB price
As of now, the SHIB price it fell 2.36% to $0.00002196 on Wednesday. While the Shiba Inu meme coin has a market capitalization of $12.96 billion. In contrast, the 24-hour trading volume for SHIB increased by 30.12% to $816.98 million. This spike could likely be due to a surge in selling, as long liquidations of $1.34 million were recorded in the last 24 hours.
Currently, Shiba Inu price is much lower than the crucial resistance point of $0.000025. According to a previous report from Coinape, crossing this threshold could allow the SHIB price to rise up to $0.00003 in the short term. Furthermore, this upward movement could potentially take the value of Shiba Inu to $0.00005 if the momentum continues.
Furthermore, maintaining the $0.00005 level could push the cryptocurrency towards the ambitious target of $0.0001. However, to be fair, SHIB is still far from reaching its all-time high of $0.00008845. Furthermore, the prevailing trend remains bearish.
Therefore, to reach these high-end targets, SHIB price needs to recover above $0.000025, which is much higher than its all-time high. This rally could be spurred by the rapid burn rate and anticipation surrounding the Shiba Inu ETF, although nothing is certain.
Read also: Shiba Inu ETF (SHIB): petition surpasses 10,500 signatures in support
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