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SHIB Burns Crash 55%, But Here's Surprising Price Move

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Wed, 15/01/2025 - 12:05
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SHIB Burns Crash 55%, But Here's Surprising Price Move
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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According to the data revealed by Shibburn, over the past day, the burn rate of the prominent meme coin Shiba Inu has demonstrated a massive crash. However, the coin’s price reacted unexpectedly.

SHIB price defies SHIB burns

A tweet recently published by the aforementioned data source revealed that over the last day, the SHIB burn metric plunged by more than 55%. The amount of meme-inspired coins burned in the process totaled 9,380,103 SHIB.

The largest single burn transfer amounted to 8,910,223 SHIB coins. A day before, the largest burn transaction carried 18,973,108 SHIB and 1,000,000 SHIB to unspendable blockchain wallets.

As for the weekly burn rate, it is now showing a decline of almost 35%, with 67,808,766 SHIB burned in all, according to the tweet.

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As reported by U.Today recently, some members of the SHIB community began to demand that the SHIB team accelerate this process and begin locking much bigger amounts of SHIB in dead-end wallets. They believe that burning from 35% to 90% of the circulating supply would propel the SHIB price up significantly, perhaps even allowing the meme coin to reach $1. An X poll was set up to vote on this issue.

Currently, the circulating supply constitutes 584,209,136,211,127 SHIB. However, the SHIB team has, multiple times, responded that the only way to increase the amount of destroyed meme coins is to increase Shibarium utility heavily.

Meanwhile, the SHIB price has demonstrated an 8.2% surge over the past 24 hours but went down a little earlier today.

Related

Shytoshi Kusama issues crucial scam warning

The mysterious leader of the SHIB developer team, Shytoshi Kusama, has published a tweet to warn the Shiba Inu community against possible scams that are likely to come at them now that the TREAT token has finally been launched.

Shytoshi commented on a tweet issued by the @susbarium account associated with the SHIB team, which usually warns SHIB enthusiasts and investors against various scam attempts. This time, on Jan. 14, it announced the much-anticipated launch of the new token TREAT on various centralized exchanges.

TREAT will play an important role in the SHIB ecosystem, including rewards on the Shibarium DEX and governance and voting on various decisions. Shytoshi Kusama warned that many fraudsters are now likely to begin luring people into purchasing fake TREAT tokens. “Don’t get scammed,” he tweeted, addressing the community.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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