Shiba Inu, a popular cryptocurrency known for its memetic value, has experienced a noteworthy surge in its burn rate over the past few days. The burn rate entails permanently removing a portion of the circulating cryptocurrency supply, leading to a decrease in overall availability and subsequently driving up demand and value.
Shibburn, the official Shib burn tracker, recently shared on X (formerly Twitter) that Shiba Inu burned a massive amount of 84,203,486 Shib tokens in just one day. This significant figure stands in stark contrast to the previous day’s total of 39,828,715 Shib tokens. Additionally, the post highlighted the occurrence of 9 transactions within the last 24 hours.
The Shiba Inu cryptocurrency boasts a total supply of 999,982,697,981,254 tokens. Remarkably, an impressive 410,661,199,268,822 tokens have already been burned. This astounding figure indicates that approximately half of the entire cryptocurrency has been removed from circulation.
Shiba Inu Struggles to Maintain Price
Despite its high burn rate, Shiba Inu has struggled to maintain its price in the volatile crypto market. This meme coin draws inspiration from the beloved Japanese dog breed Shiba Inu and acts as a mascot for Dogecoin.
Currently, it is trading at $0.00000674, experiencing a decline of 2.69% within one day and 1.20% over the course of seven days. Additionally, its market cap has decreased by more than 2%, currently standing at $3.97 billion. Although, it coins holds the 19th position among the top cryptocurrencies based on market cap.
In 2020, Shiba Inu emerged as a decentralized and community-driven project with the grand goal of cultivating a vibrant ecosystem brimming with diverse products and services. Notable features within this venture include ShibaSwap, an exchange platform governed by decentralization; Shibarium, a robust blockchain network; ShibaNet, an expansive decentralized marketplace; and Shiboshi, an exquisite collection of NFTs.
The Shib tokens in cryptocurrency has garnered significant attention from both investors and supporters due to its unique and entertaining approach. However, it confronts a multitude of challenges and risks stemming from its pronounced volatility and the competition posed by other meme coins.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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