Shiba Inu (SHIB) Burn Rate Skyrockets by 3800%: A Closer Look at the Phenomenon!

Bombolo | News and Media

Shiba Inu (SHIB), the popular meme coin, has been making waves in the cryptocurrency world. In recent days, it has experienced an astounding surge in its burn rate, resulting in the removal of a significant number of tokens from circulation. This article delves into the implications of this burn rate surge and its impact on the market.

Also Read: Shiba Inu Testnet Success: Shibarium Launch Aiming for $0.001 Price Surge

Shiba Inu's Astonishing Burn Rate Surge

Data from Shibburn reveals that on July 10, the burn rate of SHIB skyrocketed by more than 3,800%. This sudden surge led to the permanent elimination of a staggering 508,958,446 SHIB tokens. Such a significant reduction in circulating supply has captured the attention of investors and enthusiasts alike.

Shibarium's Public Launch and Excitement

The surge in burn rate comes at a time when excitement is mounting for Shibarium's public launch. The launch is confirmed to take place in August at the Blockchain Futurist Conference in Toronto, Canada. Shibarium, a decentralized exchange (DEX) for meme coins, aims to provide a platform for trading SHIB and other similar tokens. This upcoming event has further fueled the interest and anticipation surrounding Shiba Inu.

Also Read: Can Owning Just 1,000 SHIB Tokens Make You a Millionaire?

Shiba Inu's Decreased Market Cap

Currently priced at $0.00000760, Shiba Inu (SHIB) has seen a decrease of over 91% from its previous all-time high of $0.00008845, which was recorded on October 28, 2021. Additionally, its market capitalization has also experienced a marginal decrease. With a current valuation of $4.47 billion, Shiba Inu now holds the 19th place in the market rankings.

Despite these numbers, there are positive signs to consider. The whale transactions and token circulation surrounding SHIB have caught the attention of market observers. Whale transactions, in particular, have reached their highest level in three months, indicating renewed interest in the project.

Positive Signs in Whale Transactions and Token Circulation

Recent data from Santiment reveals that as of July 6, 14 separate whales transferred over $1 million worth of SHIB. This influx of large transactions suggests continued confidence in Shiba Inu among influential investors. Furthermore, the meme coin continues to generate buzz and intrigue within the cryptocurrency community.

Also Read: Shiba Inu Community's Wait Finally Over? Shibarium Launch Nears

Shiba Inu's Price Movements and Moving Average Indicators

Amidst recent developments, the price of Shiba Inu has shown notable movements. In just a single day, it soared by over 0.66%, while its monthly growth stands at 11%. However, it's worth noting that the Shiba Inu moving average (MA) indicates a short-term pullback. Traders and investors should consider this indicator when making decisions related to SHIB.

The surge in burn rate and upcoming Shibarium launch have reignited interest in Shiba Inu (SHIB). While its market cap has decreased, positive signs in whale transactions and token circulation suggest continued support from the community. Traders and investors are closely monitoring price movements and the moving average indicators to make informed decisions about their involvement with SHIB.

Also Read: The Journey Towards $0.01: What Does It Take for Shiba Inu (SHIB) to Reach its Milestone?