Shiba Inu (SHIB) burn rate experienced an incredible 807% increase during the last 24 hours due to permanent token removal reaching 20.5 million as per data from blockchain tracking service Shibburn. SHIB burn activity experienced an important transition during this period because its rising rate outpaced past daily statistics.
Two major transactions consisting of 13.5 million SHIB and 6.3 million SHIB made up the bulk of the entire burn. The combined value of these token burns caused the total daily burn to increase by almost four times thus indicating that community members took steps to decrease the circulating supply.The complete weekly burn data presents different information to daily burn numbers.
HOURLY SHIB UPDATE$SHIB Price: $0.00001579 (1hr -0.18% ▼ | 24hr -2.62% ▼ )
Market Cap: $9,303,958,601 (-2.66% ▼)
Total Supply: 589,255,603,143,881TOKENS BURNT
Past 24Hrs: 20,530,875 (807.68% ▲)
Past 7 Days: 62,766,791 (-94.6% ▼)— Shibburn (@shibburn) February 10, 2025
Investors Eye Shiba Inu Trends
The SHIB burns throughout the past week decreased by 94.6% when compared to earlier weeks even though frequent daily token burning occurred. The total SHIB token burn reached 62.7 million tokens across the past week although this figure showed decreased activity when compared to previous weekly totals.
SHIB burns work by decreasing supply so the potential outcome is higher demand alongside price appreciation in the future. Throughout the time SHIB burning has existed the community destroyed 410 trillion tokens from the circulating supply.
Ethereum co-founder Vitalik Buterin was responsible for burning most SHIB tokens after he received an enormous SHIB assets as a present. Additional SHIB token burns are possible because the circulating supply consists of 584 trillion tokens despite the existing burning initiatives.
Efforts to increase the burn rates of SHIB tokens indicate that investors recently paid more attention to the cryptocurrency market. The cryptocurrency expert SHIB Knight distributed his market analysis across his platform which follows 467,000 subscribers.
The weekly price chart for SHIB revealed its first positive candlestick within a five-week downward movement pattern which indicates the possibility of price recovery. Brooha announced with optimism that SHIB’s value had exceeded the previous low points according to enthusiastic SHIB supporters.
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