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Cryptocurrency News Articles
Shiba Inu (SHIB) Burn Rate Skyrockets 14,575% in 24 Hours, Triggering 6.28% Price Surge
Oct 15, 2024 at 05:49 pm
The Shiba Inu community recently witnessed a significant rise in the token burn rate, with a 14,575% increase in just 24 hours.
The Shiba Inu community recently celebrated a massive 14,575% surge in the token burn rate within 24 hours. This significant increase follows the removal of over 279 million SHIB tokens from circulation as part of ongoing efforts to reduce the cryptocurrency’s supply.
Shiba Inu Burn Rate Skyrockets by 14,575% in 24 Hours
According to data from Shibburn, a platform dedicated to tracking SHIB burns, the large burn occurred over five separate transactions on Monday. These tokens, valued at approximately $5,084 at current market prices, were burned in a concerted effort to reduce the overall supply.
Notably, one transaction dominated the burn activity, accounting for 99.26% of the total tokens burned. In this instance, 277.58 million SHIBs were destroyed at 8:30 UTC. As per Etherscan data, this substantial burn was executed from a wallet linked to the Coinbase platform.
Other significant burns also occurred. One instance involved 2 million SHIB tokens being transferred to the burn wallet from a wallet associated with Robinhood at 4:57 UTC on the same day. Another transaction saw the “Kraken 7” address, linked to the Kraken exchange, incinerate 44,444 SHIB tokens.
The 279 million SHIB burned on Monday vastly outnumbers the 1.9 million tokens on Sunday, highlighting the sharp increase in burn rate activity within the Shiba Inu ecosystem.
This substantial burn rate increase coincided with a noticeable price jump for Shiba Inu. Over the past 24 hours, SHIB’s price has risen by 6.28%, reaching $0.0000184. The reduced supply, with growing demands from the community, has contributed to this price surge.
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Shiba Inu Price Surges as Community Burns Tokens
Analysts have commented on the price momentum, with Javon Marks, a well-known crypto analyst, projecting that SHIB could see a 342% increase, potentially rising to $0.00008 after breaking out of a falling wedge pattern.
Another market expert, who remains pseudonymous, has issued a similar prediction, suggesting that SHIB could soon reach $0.000074, further fueling optimistic sentiments.
The recent surge in the Shiba Inu burn rate with accumulating bullish sentiment and positive market activity, signals a promising period for SHIB holders.
The burn of over 279 million tokens, led by significant players like Coinbase, Robinhood, and Kraken, has dramatically increased the burn rate and contributed to a noticeable price rise.
As more investors and analysts express confidence in the token’s upward trajectory, Shiba Inu appears well-positioned for further gains in the coming months.
: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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