Over the past 24 hours, a staggering 79,239,699 $SHIB have been burned, creating a ripple effect across the market. This information was shared by the official Shibburn Twitter account, a reliable source for real-time updates on the $SHIB burn rate.
For those unfamiliar with the term, “burning” in the context of cryptocurrencies refers to the act of intentionally removing tokens from circulation, effectively reducing the total supply. This is often done to create scarcity, which can potentially drive up the value of the remaining tokens.
The Shibburn website provides a comprehensive overview of the $SHIB token’s current status. As of now, the total circulating supply stands at 579,240,102,739,969 $SHIB, with a total of 999,988,147,914,711 $SHIB tokens burned from the initial supply. The burn rate, a key indicator of the token’s deflationary model, has seen a sharp increase of 73.85%.
The impact of this burn rate surge is not reflected in Shiba Inu’s market performance. According to CoinMarketCap, the live price of $SHIB is currently $0.000008392, with a 24-hour trading volume of $143,692,627. The token’s market cap is $4,940,060,338, ranking it 14th in the global cryptocurrency market. SHIB is down by 1.1% in the last 24 hours.
The surge in Shiba Inu’s burn rate is a testament to the dynamic and ever-evolving nature of the cryptocurrency market. As more tokens are burned and removed from circulation, the potential for increased scarcity and value growth becomes a focal point for investors.
