TL;DR
Shiba Inu’s burn rate surged by 2,800% in the past 24 hours.
Despite increased burn efforts and advancements in the layer-2 scaling solution, Shibarium, SHIB’s price remains down, reflecting the overall market correction.
Shiba Inu’s burn rate exploded by 2,800% in the past 24 hours, resulting in almost 8 million tokens removed from circulation. Data shows that over 50% of the amount was destroyed in a single transaction approximately 17 hours ago.
The burning program aims to reduce the tremendous supply of the meme coin and create potential value appreciation through scarcity. SHIB has a maximum supply of 999,982,363,413,352 tokens, with more than 41% already sent to a null address.
The mechanism is rather complicated and involves both automatic and manual burns. If you want to learn more about it, feel free to read our dedicated guide here. Not long ago, the team behind the meme coin introduced “a transformative token mechanism” to automate the entire system.
However, it’s worth noting that SHIB remains deep in the red, plummeting by 3% on a daily scale and 6% weekly (per CoinGecko’s data). Its pullback coincides with an overall market correction, where Bitcoin (BTC) tumbled to as low as $67,500, while Ethereum (ETH) neared the $3,500 mark.
The fluctuation in the burn rate might have been caused by someone moving to liquidate their position during times of market uncertainty and increased volatility.
The post SHIB Price Tanks but This Metric Soars by 2800% appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
