- The Shiba Inu (SHIB) token has undergone a massive burn of over 1.6 billion tokens.
- The burn rate in the Shiba Inu network has increased by 38986.28%.
- SHIB’s current market status is bearish, with a price decrease of 0.98%.
In a significant move for the cryptocurrency world, the Shiba Inu (SHIB) token has seen a massive burn of 1,695,572,371 tokens. This substantial transfer has been completed by sending the tokens to a “dead wallet,” effectively removing them from circulation.
This development is significant for several reasons. First and foremost, it represents a substantial reduction in the total supply of SHIB tokens, which could positively affect the value of the remaining tokens. It also demonstrates a commitment to long-term sustainability and responsible token ecosystem management.
The burn of such a substantial number of tokens signals that the SHIB project is committed to creating a stable and sustainable token economy. It also highlights the importance of responsible token management in the broader cryptocurrency industry.
This recent burn comes after another SHIB burn was reported earlier, involving over 2 billion Shiba Inu tokens. According to the reports, this burn seemed suspicious because the address that carried out the burns had been inactive for quite some time regarding the number of transactions. The burn rate in the Shiba Inu network has increased by 38986.28%.
Current Market Status of Shiba Inu
According to data from CoinMarketCap, the price of Shiba Inu has recorded a price decrease of 0.98%, leading the SHIB token to trade in bearish sentiment in the last 24 hours. SHIB to USD pair is currently trading at $0.000009954.
The Shiba Inu market may experience a further bearish sentiment in the coming hours, as the trading volume has dropped by 11.54% to $94,257,507. The current market capitalization of the Shiba Inu token stands at $94,257,507, showing an increase of 0.99%. Additionally, there are currently 589,541,599,166,696 SHIB coins in circulation.
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