Meme Cryptocurrency Burn Rate, Shiba Inu SHIB/USDan increase of 515.33%. The data comes from Shibburn, a widely used transaction tracker.
what happened: Shibburn data shows a significant increase in the number of SHIB transfers to dead-end wallets. The SHIB community has been actively participating in this activity, resulting in a significant increase in the daily burn rate. Despite these efforts, SHIB price was unable to break above the $0.00002888 resistance level.
The data also shows that the SHIB destruction rate increased sharply by 572.29% overnight, and 72,847,617 SHIB were locked in unusable wallets. The largest single transfer involved 70,605,175 SHIB coins and occurred about an hour ago.
However, the burn rate over the past week was less encouraging. A recent article by Shibburn on X shows that the community has sent 94,189,104 SHIB to the coin wallet in the past 7 days.
Although the SHIB development team claims to move approximately 400 million Shiba Inu dogs to unusable blockchain addresses every month, the price of the meme cryptocurrency has not seen any significant increase in price due to these efforts.
Also read: Shiba Inu’s 208% surge this year sparks predictions for top 10 cryptocurrencies in 2025
why it’s important: The burn rate of a cryptocurrency is a key factor that affects its price. By sending coins to unavailable wallets, the circulating supply of a cryptocurrency is reduced, which may drive up the price due to increased scarcity.
However, in the case of the Shiba Inu, despite the significant increase in burn rate, there has been no corresponding increase in price. This can be attributed to a variety of factors, including market dynamics and investor sentiment, which are not always directly related to cash burn rates.
The situation highlights the complexity of the cryptocurrency market and the numerous factors that influence price movements.
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