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Will the 991% increase in Shiba Inu burn rate affect its price?

On Thursday, the burn rate of Shiba Inu cryptocurrency skyrocketed by an impressive 991%.

by V. Sinclair
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Shiba Inu Burn Rate Rockets 991%, Impact on Price

The Shiba Inu project has recently gained attention in the cryptocurrency market due to updates and developments within its ecosystem. The burn rate of Shiba Inu (SHIB) has surged by over 991% in the last 24 hours, which has sparked optimism among the community.

According to Shibburn, a burn-rate tracking platform, the burning rate of Shiba Inu coin increased by 991.36% in the past day, resulting in the incineration of approximately 178.39 million tokens. The SHIB community conducted 53 transactions during this period, removing a significant number of tokens from circulation.

Despite the substantial increase in burn rate, the circulating supply of SHIB remained around 579.7 trillion tokens. However, a total of 410.66 trillion coins has been removed from the initial supply through recent burns. The development team also achieved a milestone by completing the renouncing process of the contract for Bone ShibaSwap (BONE), a gas token for ShibaSwap and the official token of Shibarium.

The price of Shiba Inu remained in positive territory following the announcement, with a trading price of $0.00000724 and a 24-hour gain of 0.37%. The token’s volume increased by 35.41% to $79.67 million, and its market cap rose by 0.36% to $4.27 billion. The surge in SHIB’s price suggests that investors have responded positively to the significant increase in burn rate.

However, it’s important to note that the cryptocurrency market is highly volatile, and future performance cannot be accurately predicted due to this volatility.

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