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Shiba Inu Burn Rate Jumps Almost 40,000% Second Time This Week, What's Happening?

Fri, 05/05/2023 - 08:09
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Godfrey Benjamin
SHIB price slides despite burn rate drawing close to 40,000% for second time this week
Shiba Inu Burn Rate Jumps Almost 40,000% Second Time This Week, What's Happening?
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Shiba Inu (SHIB) may be seeing a mild slump in its price at this time, but it is showcasing unique strength in other areas that define its network strength. The second largest meme coin by market capitalization is seeing a parabolic upshot in its burn rate, a showcase of a healthy network.

SHIB burn rate almost 40,000%

According to data from Shibburn, Shiba Inu's burn rate recorded 3,8986.28% growth over the past 24 hours. One surprising revelation from this milestone is that the SHIB token burn rate is seeing such massive growth for the second time this week, as reported earlier by U.Today.

Image Source: Shibburn

Effectively, more than 1.69 billion SHIB tokens were sent to dead wallets this time, a figure somewhat lower than the two billion tokens burnt earlier in the week. The active wallet that helped burn the token was responsible for more than 95% of the total tokens burnt at this time.

The burn rate has a major role in determining the positivity of the Shiba Inu network; however, with one address accounting for the majority of the recorded figures, the network's health appears questionable.

Shiba Inu (SHIB) in Spotlight as Burn Rate Jumps 1,400%, Here's Implication for Price

Inherent price outlook

With a burn rate that has crossed more than 75,000% cumulative for the week, the price outlook has remained rather on the bearish side. At the time of writing, the SHIB token is changing hands at a price of $0.000009954, down by 0.74% over the past 24 hours. For the week, the meme coin is also down by 3.43%.

With the erratic rally the digital currency ecosystem has recorded over the past week, SHIB actually lost one zero in what is classified as one of the most ambitious moves for this year. Shiba Inu may be slow in its growth, but we can say it has been largely consistent since it was first introduced.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.