Shiba Inu Sees 5,549% Surge In The Burn Rate

The Shiba Inu burn rate has seen a notable 5,569% spike in the last 24 hours, continuing the positive trend that had begun in the last week.

The burn rate for Shiba Inu (CRYPTO: SHIB) has surged by 5,569% in the last 24 hours, continuing a positive trend that began last week.

According to data from Shiba Inu burn tracking website Shibburn, nearly 12 million SHIB tokens were burned in the last 24 hours. This marks a 5,549% increase compared to the previous day's burn figures.

Interestingly, this 24-hour spike is far from the largest burn rate increase that the meme coin has seen this week. According to Monday's data from the burn tracker, there was a massive 202,974% spike in 24-hour burn rate as investors moved over 12 million tokens to the burn address during the 24-hour period.

As for the transactions that carried out the burns, there were only six transactions recorded in the last 24 hours at the time of writing. The largest burns came from a single wallet, identified as “0x60812..39fe80”. This wallet carried out more than 90% of the total burns after sending around 10.1 million coins in two separate transactions to the burn wallet.

The spikes in 24-hour burn rates this week have contributed to a significant spike in the weekly burn rate as well. Shibburn’s data shows that over the 7-day period, a little over 402.7 million tokens have been incinerated. This translates to a 1,098.7% increase in the burn rate in one week.

Usually, spikes in Shiba Inu burn rates have come during times of positive sentiment when investors are more willing to send coins to the burn address in an effort to keep pushing the price up. However, this time around, the spikes in burn rate have come at a time when the token’s price has been dropping.

According to data from CoinMarketCap, the Shiba Inu price is down 9.18% in the last 24 hours alone. This is in stark contrast to the 5,549% increase in the burn rate. Similarly, on the weekly chart, the meme coin’s price has crashed approximately 18%, while the burn rate has jumped 1,098%.

During this time, though, the SHIB daily trading volume has jumped 128% to $594 million. However, with prices falling, it suggests that this volume is coming from sellers rather than buyers.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-surge-burn-rate.html

The above is the detailed content of Shiba Inu Sees 5,549% Surge In The Burn Rate. For more information, please follow other related articles on the PHP Chinese website!