Nov 25, 2024, 2:57 PM
Nov 25, 2024, 2:57 PM

Shiba Inu burn rate skyrockets while large transactions decline

Highlights
  • Shiba Inu's burn rate increased by 486.8% in one day, with 5.9 million tokens burned.
  • Despite the burn surge, large transaction volumes fell by 48% over the same period.
  • The rising burn rate and collaborations in the Shibarium ecosystem may indicate future bullish momentum for SHIB.
Story

In the past day, Shiba Inu's burn rate surged by 486.8%, marking a significant increase as 5.9 million SHIB coins were permanently removed from circulation. Notably, a single transaction accounted for around 2 million of these burned tokens. Shytoshi Kusama, the lead developer of Shiba Inu, remarked that burning 99% of the token's supply, once seen as improbable, is now within reach due to growing collaborations in the Shibarium ecosystem. Despite the impressive burn rate, data from IntoTheBlock indicated a 48% drop in large transaction volumes and a 24.6% fall in daily active addresses. In contrast, Shibariumscan recorded a rise in daily transactions, suggesting varied investor behavior within the ecosystem. Overall, the trading environment is shifting, with Shiba Inu currently trading at $0.00002564, reflecting a 2.5% increase in the last 24 hours, and technical analysts are optimistic about potential bullish momentum for the token.

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