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.
The Shiba Inu (SHIB) token has experienced a significant upsurge in its burn rate, seeing an incredible increase of 298.21% over the last 24 hours. According to the latest data from Shibburn, a staggering 2,039,433 SHIB tokens were incinerated within this period, contributing to a hefty total of 71,257,670 SHIB tokens burned over the past week.
This dramatic escalation in token burning has coincided with a notable rally in the Shiba Inu market. The surge in burn rate and market activity has propelled the cryptocurrency closer to achieving a significant milestone in its valuation: the removal of a zero from its price tag. Such a milestone is considered a major event in the cryptocurrency sphere, reflecting substantial growth and investor interest.
As of the latest update, the price of SHIB stands at $0.000009842, marking a rise of 0.38% in the last 24 hours and an overall increase of 2.82% over the past week. This steady climb in value is mirrored by the cryptocurrency's trading volume, which has soared by 51.28% to reach $213.34 million in the same time frame.
Growing confidence in Shiba Inu
Further amplifying the bullish sentiment surrounding Shiba Inu, the token has witnessed a remarkable 243% surge in large transactions. Within just 24 hours, the volume of SHIB transactions escalated from 1.02 trillion to a massive 2.48 trillion. This significant increase underscores a heightened level of engagement from major stakeholders and investors, pointing to growing confidence in the digital asset's potential.
The rise in SHIB's burn rate and subsequent price rally is a notable development, especially for a token that originated as a meme but has since garnered a dedicated following and established a more significant presence on the crypto market. As the community continues to burn tokens, reducing the overall supply, and as large transactions continue to increase, the future looks promising for Shiba Inu.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
U.Today Editorial Team
Vladislav Sopov