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37 million Shiba Inu (SHIB) in 24 hours, what’s happening?
Mushumir’s ass
Over 37 million SHIB tokens burned in the last 24 hours
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Shiba Inu (SHIB) has finally witnessed a positive development amid the current bearish sentiment on the broader cryptocurrency market. SHIB’s burn rate increased by 529.72% in the past 24 hours, according to the latest data from Shibburn.
Additionally, approximately 37.53 million SHIB tokens were burned during this period. This is an exciting update for the Shiba Inu community as this latest wave adds to the growing number of tokens sent to dead wallets.
At the time of this publication, approximately 410.7 trillion tokens have been burned since the coin’s initial supply. Notably, the current supply of the meme coin is 583.3 trillion tokens. This continued burning of Shiba Inu coins is a highly bullish move for a number of reasons.
For example, reducing the circulating supply of a currency makes it deflationary in nature. We know it Bitcoin (BTC) has a limited supply of 21 million coins. This unique aspect makes it one of the most deflationary coins in the industry, which ultimately leaves a positive impact on the price of BTC.
Although Shiba Inu has a very high supply, the constant burning of these tokens can also have a positive impact on its price. It may not be as good as Bitcoin, but it can still make SHIB one of the deflationary cryptocurrencies in the market.
What does this mean for the Shiba Inu price?
Meanwhile, the current price of SHIB is still struggling, as is the overall market. Second CoinMarketCapThe Shiba Inu trading price is currently at $0.00001776, down 4.83% over the past 24 hours. The market capitalization of memetic currency is also down 4.82%, currently at $10.47 billion.
While the latest burn rate increase hasn’t helped the price of SHIBs, it is expected to have a positive long-term impact. Sending 37.53 million tokens to dead wallets is part of a large effort. It must be a continuous process, which will eventually give a big boost to this very popular meme coin.
About the author
Mushumir’s ass
With over three years of immersive experience in the cryptocurrency industry, Mushumir is an expert cryptocurrency writer dedicated to unraveling the intricacies of blockchain technology and decentralized finance. From analyzing the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical intuition and communication style to the crypto space. Having written countless articles, analyzes and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and newcomers to the world of cryptocurrencies.