The Shiba Inu community recently witnessed a significant rise in the token burn rate, with a 14,575% increase in just 24 hours.
This increase came after over 279 million SHIB tokens were permanently removed from circulation of ongoing efforts to reduce the supply of the cryptocurrency. The ecosystem is actively taking measures to boost the token’s value by decreasing supply.
According to Shibburn, the 279,650,585 SHIB burn occurred over five separate transactions on Monday. These tokens, valued at approximately $5,084 at current market prices, were burned in a concerted effort to reduce the overall supply.
Notably, one transaction dominated the burn activity, accounting for 99.26% of the total tokens burned. In this instance, 277.58 million SHIBs were destroyed at 8:30 UTC. Etherscan data shows that this substantial burn was executed from a wallet linked to the Coinbase platform.
Other significant burns also occurred. One instance involved 2 million SHIB tokens being transferred to the burn wallet from a wallet associated with Robinhood at 4:57 UTC on the same day. Another transaction saw the “Kraken 7” address, linked to the Kraken exchange, incinerate 44,444 SHIB tokens.
The 279 million SHIB burned on Monday vastly outnumbers the 1.9 million tokens on Sunday, emphasizing the sharp increase in burn rate activity within the Shiba Inu ecosystem.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Market Response and Price Movements
This substantial burn rate increase coincided with a noticeable price jump for Shiba Inu. Over the past 24 hours, SHIB’s price has risen by 6.28%, reaching $0.0000184. The reduced supply, with growing demands from the community, has contributed to this price surge.
Analysts noted the price momentum. Javon Marks, a well-known crypto analyst, has projected that SHIB could see a 342% increase, potentially rising to $0.00008 after breaking out of a falling wedge pattern.
Another market expert, who remains pseudonymous, has issued a similar prediction, suggesting that SHIB could soon reach $0.000074, further fueling optimistic sentiments.
The recent surge in the Shiba Inu burn rate with accumulating bullish sentiment and positive market activity, signals a promising period for SHIB holders.
The burn of over 279 million tokens, led by significant players like Coinbase, Robinhood, and Kraken, has dramatically increased the burn rate and contributed to a noticeable price rise.
As more investors and analysts express confidence in the token’s upward trajectory, Shiba Inu appears well-positioned for further gains in the coming months.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
