37 Million Shiba Inu (SHIB) in 24 Hours, What’s Happening?

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Shiba Inu (SHIB) has finally seen some positive developments amidst bearish sentiment across the cryptocurrency market. According to the latest data, SHIB’s burn rate has skyrocketed by 529.72% in the past 24 hours. Sibbarn.

Additionally, approximately 37.53 million SHIB tokens were burned during this time. This latest surge has increased the number of tokens being sent to dead wallets, so this is an exciting update for the Shiba Inu community.

As of this writing, approximately 410.7 trillion tokens have been burned from the coin’s initial circulation. Of note, the meme coin’s current supply is 583.3 trillion tokens. This continued burning of Shiba Inu Coin is a very bullish move for several reasons.

For example, a reduction in the amount of coins in circulation is inherently deflationary. Bitcoin (BTC) It has a limited supply of 21 million coins. This unique feature makes it one of the most deflationary coins in the industry, ultimately impacting BTC price positively.

Although Shiba Inu has a very large supply, the continuous burning of these tokens can also have a positive impact on the price. Although maybe not to the same extent as Bitcoin, Shiba Inu could still become one of the deflationary cryptocurrencies in the market.

What does that mean for Shiba Inu prices?

Meanwhile, current prices for SHIBs remain depressed, along with the overall market. CoinMarketCapShiba Inu is currently trading at $0.00001776, down 4.83% over the past 24 hours. Meme Coin It also fell 4.82% to now stand at $10.47 billion.

Although the recent spike in burn rate has not been positive for SHIB’s price, it is expected to have a positive impact in the long run. Sending 37.53 million tokens to dead wallets is part of a larger effort, which should be a continuous process and will ultimately give a big boost to this highly popular meme coin.

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Mushumir Butt

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