Shiba Inu Burn Rate Increases by 656% Amid Price Decline
The Shiba Inu (SHIB) token has intensified its burn efforts, leading to a significant rise in its burn rate. Key updates include:
- Burn rate increased by 656.15% on May 6, following an earlier 825% rise in April.
- 26.48 million SHIB were removed from circulation in the prior month.
- 16,779,365 SHIB burned within 24 hours, indicating heightened activity.
- Transactions involved multiple wallets and addresses, contributing to ongoing token scarcity.
- Over 410 trillion SHIB tokens have been burned since inception, reducing total supply significantly.
Shiba Inu’s burn transactions. Source: shibburn.com
Current circulating supply stands at 584 trillion SHIB, with a total supply of 589 trillion. Increased burning suggests growing community interest and engagement.
Price Trend
Despite these developments, SHIB's price is currently $0.00001262, reflecting a 3.27% drop over the past 24 hours, with market capitalization at $7.37 billion.
- Trading volume increased by over 15.64%, reaching $140.36 million.
- High staking levels remain, with over 4.8 trillion SHIB held as xSHIB.
Overall, while prices haven't surged, the sustained burn rate and increased trading activity indicate potential optimism among investors. The Shiba Inu community remains alert for market shifts.