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Shiba Inu Coin Burn Rate Soars 570%

Shiba Inu Coin Burn Rate Soars 570%

With its most recent advancements, Shiba Inu (SHIB), the well-known meme coin, has again drawn interest from the cryptocurrency community. Shibburn, a tracker for Shiba Inu token burns, reports that on Wednesday, May 22, the meme coin’s burn rate increased by around 570%. Due to the rising burn rate, traders and investors became bullish about the market.

Shiba Inu Coin Burn Rate Dramatically Increases

Shiba Inu’s market supply has decreased due to the notable increase in burn rate, which may have favorable long-term effects on its tokenomics. Shibburn said the burn rate increased by 569.50% the previous day. Furthermore, the community burned 12.70 million SHIB tokens in several transactions. Notably, this surge was mostly caused by four distinct wallet addresses.

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Two massive transactions recorded a few hours ago by the wallet address 0xa9d1 transferred 4.6 million SHIB to a dead wallet. Moreover, at the same time frame, 1.01 million SHIB was sent to a dead wallet by another wallet address, 0x608…. The recent increase in Shiba Inu’s burn rate can largely be attributed to these significant transactions.

Furthermore, 1.04 million Shiba Inu tokens were transferred via another community wallet, 0xc66.., to a defunct wallet, therefore causing the burn rate to increase. Thus, the staggering 410.72 trillion SHIB tokens have been incinerated in total. Furthermore, the decrease in supply brought on by these burn transactions can raise the value of SHIB.

In this scenario, any asset, including cryptocurrencies, may see a price gain in response to a decrease in supply and a rise in demand. The Shiba Inu community feels more optimistic due to this development, and many traders and investors are careful about the advancement of meme coins.

Is SHIB Going To Reach $0.0001?

The price of the Shiba Inu has effectively broken above the $0.000025 barrier, which acted as a critical resistance level. At the time of writing, the SHIB price was up 1.39% to $0.00002562 on Wednesday. Meanwhile, the market capitalization of the second-biggest viral cryptocurrency was $15.11 billion.

SHIB’s 24-hour trading volume also increased 33.58% to $1.17 billion. As Coingape previously reported, if the SHIB price stays above the crucial resistance level, it could rise as far as $0.00003 or $0.00005. Furthermore, a long-term advance to $0.0001 can be anticipated if the bullish momentum holds.

Amidst the generally upbeat mood in the market, the price of Shiba Inu has increased dramatically. As a result, according to Coinglass, the SHIB futures open interest increased by 9.24% to $90.77 million. However, with $471,170 liquidated, longs led to the liquidations, which might drive the SHIB price down. However, as shorts make up almost half of these liquidations, their influence is minimal.

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