Shiba Inu (SHIB) burn rate skyrockets to 3,894%

June 07, 2024 03:08 AM PDT | By Invezz

Shiba Inu (SHIB) burn rate skyrockets to 3,894% — Image source: Invezz

4.8 million SHIB tokens burned in 24 hours

In the last 24 hours alone, a total of 4,829,147 SHIB tokens were burned across seven transactions.

This dramatic rise in the burn rate reflects the community’s ongoing efforts to reduce the token supply, aiming to increase the value of the remaining SHIB tokens in circulation.

Whale interest drives SHIB burn rate

The surge in the SHIB burn rate coincided with a sudden rise in interest from cryptocurrency whales.

The number of large transactions involving SHIB has doubled this week compared to the averages observed earlier in 2024. This heightened activity indicates increased confidence and interest from major investors in the Shiba Inu ecosystem.

Large transaction volume increases by 223%

In addition to the increased burn rate, SHIB’s large transaction volume has also seen a significant uptick.

Transactions totaling more than $100,000 amounted to $435.66 million, representing a 223% increase in large transaction volume.

This surge highlights the growing participation of large investors in the SHIB market, potentially driving further interest and activity in the token.

Implications of the increased SHIB burn rate

The substantial increase in the SHIB burn rate and large transaction volumes suggest a positive outlook for the Shiba Inu token.

By reducing the overall supply through token burns, the remaining SHIB tokens could see an increase in value, benefiting long-term holders.

Furthermore, the rise in whale activity and large transactions indicates a robust interest in SHIB from significant market players, which could lead to greater market stability and growth.

The future of Shiba Inu: A community-driven effort

The Shiba Inu community’s dedication to burning tokens and reducing supply is a testament to its commitment to the project’s long-term success.

As more tokens are removed from circulation, the community continues to play a crucial role in shaping the future of SHIB.

The recent surge in burn rate and whale interest signals a promising trajectory for the token, potentially leading to increased value and adoption.

The post Shiba Inu (SHIB) burn rate skyrockets to 3,894% appeared first on Invezz

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