Cryptocurrency News – Shiba Inu burn rate has seen a significant increase in the last 24 hours after more than 58 million tokens were sent for removal from circulation. The current burn rate is up 43% today, despite a slow start to the week.
The price of Shiba Inu, one of the popular meme coins in the cryptocurrency market, dropped by 4% last week. The price drop was also accompanied by falling trading volumes.
Shibburn reported a significant increase in the SHIB burn rate in the last 24 hours. Latest data show that although this rate decreased at the beginning of the week, an increase was recorded in the last 24 hours.
Shiba Inu cremations accelerated
During this period, 58,055,944 SHIB tokens were sent to be burned, an increase of 43.5%. The data also revealed that most of these tokens were sent from two major wallet addresses.
The recent intensified burning rate has significantly reduced the circulating supply. Once burned, tokens cannot be used or accessed again. A total of more than 410.6 trillion SHIB tokens have been burned so far.
Additionally, the Shiba Inu team also pointed out the importance of burning processes, which they believe can increase the value of the token. Shiba Inu, one of the leading meme coins, has experienced major declines in price since the beginning of the bear market.
Despite great efforts, SHIB burns did not significantly impact the value of the token. Data from CoinMarketCap shows that meme coin has gained only 0.18% in the last 24 hours.
The weekly price chart shows a 4% decrease in value. Similarly, the token's trading volume also recorded a 19% decrease in the past day. The total market value of Shiba Inu is 4.29 billion dollars.
Meanwhile, Shiba Inu's Layer-2 blockchain, Shibarium, has seen renewed engagement recently. Following their recent performance, the platform's number of users and trading volume have increased significantly.
There are currently 1.24 million addresses on the platform and over 2.317 million transactions have been completed. Additionally, data from DeFiLama shows that TVL on Shibarium has seen a marginal increase and currently stands at $571k.
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