Shiba Inu: Record Burn Rates Amid Price Shifts
Shiba Inu, a meme coin riding on the Ethereum blockchain, caused a stir in the crypto space this weekend with a significant surge in its weekly burn rate, reaching a staggering 6000%, as per data from Shibburn.
This surge, sparking speculation among global crypto enthusiasts, contrasts with Shiba Inu’s current negative trading trend. Despite the coin’s recent price drop of 4.06% in the last 24 hours, trading at $0.00000979, the burn rate experienced a substantial increase of 5891.2% over the past week.
Shibburn’s data also highlights that the Shiba community burned 820,007 SHIB in the last 24 hours, contributing to a 95.05% drop in the daily burn rate.
The cumulative burn from the token’s initial supply now stands at 410.70 trillion SHIB, with the circulating supply currently at 581.07 million.
READ MORE: XRP Faces Unexpected Developments in Hong Kong
In addition to the coin’s price decline, the market cap has decreased by 3.92%, reaching $5.79 billion, and the 24-hour trading volume has fallen by 11.29%, hitting $195.75 million, according to market charts.
This shift in metrics adds complexity to the ongoing analysis of Shiba Inu’s performance in the crypto market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
