Shiba Inu (SHIB) Burn Rate Surges 580%, Removing 16.6M Tokens From Circulation

In the midst of a wider cryptocurrency market recovery, the burn rate of Shiba Inu SHIB/USD has seen a dramatic increase of 580%.

Shiba Inu's (SHIB) burn rate has seen a dramatic increase of 580% amidst a wider cryptocurrency market recovery, according to data from blockchain tracking firm Shibburn.

This surge in the burn rate comes as the price of the Shiba Inu token has seen a rise of 5.89% over the last 24 hours, while the overall crypto market capitalization has also witnessed an increase of 4.27%.

The SHIB team burned 16,607,692 SHIB in the last 24 hours, a 590.19% increment from the previous day. The token burning strategy is designed to reduce the circulating supply and create scarcity.

HOURLY SHIB UPDATESHIB Price: $0.0000122 (1hr 0.08% △ | 24hr 5.46% △ )Market Cap: $7,187,116,903 (5.68% △ )Total Supply: 589,252,243,610,998TOKENS BURNTPast 24Hrs: 16,607,692 (580.28% △ )Past 7 Days: 79,148,012 (-57.86% ▽ )

However, despite the daily increase, SHIB's weekly burn rate has seen a significant decline. The data shows a 57.86% drop compared to the previous week.

The sudden jump in the burn rate could be a move by the SHIB team to restore investor confidence and fuel bullish momentum.

This increase in SHIB's burn rate and price come as no surprise, considering the broader crypto market is also experiencing a rebound.

But even with the rise in SHIB's burn rate and price, its trading volume remains low, which could be a cause for concern among investors.

Data from CoinMarketCap shows a significant slump of 21.54% in SHIB's trading volume as of April 11.

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This article is written with the assistance of AI and has been edited and reviewed for completeness and accuracy.