In recent market activities, the burn rate of SHIB (Shiba Inu Coin) surged by 630%, drawing significant attention from the cryptocurrency community. According to data from the Shibburn wallet tracker, millions of SHIB tokens have been removed from circulation in the past 24 hours, demonstrating the community's strong desire to reduce the SHIB supply.
Key Points
- SHIB burn rate surged by 630% in the past 24 hours
- Over 100 million SHIB burned in the past week
- SHIB price rebounded nearly 30% in a short period
Burn Rate Surge
According to Shibburn data, the SHIB burn rate soared by 630% in the past 24 hours. Although the actual number of SHIB burned was 8,178,754, this increase indicates the community's proactive attitude towards reducing the circulating supply.
In the past week, the community burned a total of 126,819,168 SHIB, a 34.64% increase from the previous week. Since a few years ago, the cumulative total of burned SHIB has reached 410,742,833,467,944.
SHIB Price Trend
In the past day, the price of SHIB rebounded from $0.00001860 to $0.00002404, an increase of nearly 30%. This rebound occurred after SHIB fell more than 17% on Friday, showing market volatility.
The price trend of SHIB is similar to Bitcoin's price curve, reflecting the dynamics of the entire crypto market. Despite experiencing a 37.6% decline in the past week, the market rebound shows investor confidence.
Whale Sell-off
During market fluctuations, some whales began to sell off their SHIB holdings. Recently, an early investor transferred 400 billion and 250 billion SHIB to crypto exchanges, indicating their view of the market.
This investor purchased 12 trillion SHIB in 2020 and, after holding for four years, still retains 2 trillion SHIB.
Conclusion
The surge in SHIB burn rate and price rebound indicate that despite market volatility, the community remains optimistic about the future of Shiba Inu Coin. As more SHIB is burned, the reduction in circulating supply may positively impact its price.
Source
- SHIB Burns Soar 630% — What's Happening?, U.Today.