The Shiba Inu Coin Burn rate increased exponentially by 3010%. The total number of Shiba Inu coins has further reduced due to the abnormal burning rate of SHIB.
Shiba Inu coins burning will result in Shib becoming more valuable. SHIB saw a massive increase in its burn rate. Data from Shibburn website (which tracks SHIB burning) showed that the burn rate had increased to 3010% on June 12th. Over 232M Shib coins were burned on that day.
Shiba Inu Coin (SHIB) Burn Rate Abnormally High?
Shiba Inu has come into the limelight due to a surprising exponential increase in its burn rate. According to the data of Shibburn, the burning rate of Shiba Inu has increased by an astonishing 3010%. This increase in the burn rate of Shiba Inu Coin is eye-catching for investors.
The high burning of Shiba Inu Coins will lead numerous investors and crypto exchange platforms to accept SHIB easily. This will increase SHIB’s prices and its demand in the crypto market.
Shiba Inu Coin Burn: Who did it?
The Shiba Inu community and several wallet addresses have contributed to the burn rate of the Shiba Inu coin. The Shiba Inu community burned 232.64M SHIB, and the Oxd9a wallet address burned 225.63M SHIB. Apart from this, two other wallets are also involved in the SHIB coin burn. Wallets Oxda9d and Oxc58 burned 3.18m and 1.69m Shiba Inu coins respectively.
At the same time, other Shiba Inu community members also burnt a small amount of SHIB coins.
Impact on the Crypto Market
The total amount of Shiba Inu coins burnt has reached 410.72 trillion till date.
The recent surge in burn rate has impacted the crypto market (in a bearish manner). SHIB’s price dropped from 2.36% to $0.00002196. Moreover, SHIB’s trending volume increased from 30.12% to $816.98m in 24 hours. SHIB investors (who were bullish) are exiting their positions due to the price fluctuations. Long position liquidation data of 1.34m suggests that the selling volume may increase.
The current price of Shiba Inu is below the resistance level of $0.000025 which indicates a challenge for Shib. According to Coinmarketcap, Shib’s price can increase above $0.000025. According to this, Shib’s price can rise to $0.00003 when crossing $0.000025. With this, if the rise continues in this way, its price can potentially reach $0.00005.
The current price of SHIB is $0.00008845 which is far from the highs. The report suggests that if SHIB maintains $0.00005 then it can potentially rise above $0.0001. the current price of SHIB is $0.00008845 which is far from the highs.
The surge in Shiba Inu burn rate, coupled with significant whale buying, has sparked a wave of optimism among traders and investors. The crypto community is closely watching these developments, as they could catalyze a notable rally in SHIB’s price, potentially reaching new heights.
Also Read: Shiba Inu coin Burn Rate Soars, Whales Accumulate as SHIB Eyes $0.0001 Mark
