SHIB Burn Rate Skyrocket With 384% Increase: What Does This Mean For Shiba Inu?

The Shiba Inu community has regularly reduced the number of SHIB tokens in circulation by transferring them to inactive wallets. On the last day, a significant amount of SHIB tokens were moved to such wallets.

Despite this, SHIB’s value has decreased by over 6%, trading at around $0.000010 since Wednesday. There is a possibility that SHIB’s price may decrease further and add another zero to its current value.

SHIB Burn Rate Jumps Nearly 390%

Tracking platform Shibburn has shared data indicating that over the last 24 hours, the SHIB community has eliminated 4,846,823 SHIB tokens, leading to a 384% increase in the burn rate. The information was shared on Shibburn’s Twitter handle.

However, in the past week, although the burn rate of Shiba Inu has risen by over 1,000% multiple times, the overall amount of SHIB tokens burned is significantly lower. Only 21,184,222 SHIB tokens have been burned, which is 93.48% less than the previous week.

HOURLY SHIB UPDATE$SHIB Price: $0.00001034 (1hr -0.19% ▼ | 24hr 0.29% ▲ )
Market Cap: $6,101,652,878 (0.48% ▲)
Total Supply: 589,366,748,529,175

TOKENS BURNT
Past 24Hrs: 4,846,823 (384.68% ▲)
Past 7 Days: 21,184,222 (-93.48% ▼)
— Shibburn (@shibburn) April 29, 2023

Shiba Inu (SHIB) Cold Wallet Coming Soon

According to a previous report by fxcryptonews, it was reported that the Shiba Inu team was creating a specialized cold storage wallet for their SHIB tokens.

Currently, Shiba Inu is planning to host an “Ask Me Anything” (AMA) session with two prominent companies in the cryptocurrency space: the leading exchange platform Huobi and CertiK. This blockchain platform focuses on smart contracts.

According to a source from SHIB Discord, this could lead to a potential partnership and collaboration between these companies and Shiba Inu.

At the time of writing, the trading value of SHIB was $0.00001027, which had risen by 0.03% over the past 24 hours.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.