Popular memecoin Shiba Inu SHIB/USD witnessed a sharp spike in its burn rate over the last 24 hours. However, the deflationary pressure failed to push its price upward.
Popular memecoin Shiba Inu (CRYPTO: SHIB) witnessed a sharp spike in its burn rate over the last 24 hours, although the deflationary pressure failed to push its price upward.
What Happened: A massive 33.29 million SHIB tokens were burned out of circulation, according to official burn tracker Shibburn, marking a 459% jump.
Burning occurs when a cryptocurrency token is deliberately sent to an unusable wallet address to remove it from circulation permanently. This is done to create scarcity and boost its demand and market value.
As of now, over 410.72 trillion SHIB tokens have been burned.
Price Action: However, the deflationary pressure wasn't sufficient to provide a positive impetus to the price. At the time of writing, SHIB was trading at $0.00001799, showing a 1.38% decrease in the last 24 hours, according to data from Benzinga Pro.
The meme token has faced significant selling pressure over the past month, witnessing a 30% decline in its price.
See Also: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons
What It Means: The spike in burn rate comes as the large transactions trading volume also noted a twofold increase, according to IntoTheBlock. Large transactions here refer to transactions over $100,000, also interpreted as whale transactions.
The high whale activity, coupled with a drop in price, indicated that large investors were locking in gains. As of now, the majority of SHIB holders were in profit.
Photo Courtesy: Shutterstock.com
Next: Solana ETF: 3iQ Seeks Approval For North America’s First Such Fund In Canada — Will The US Be Next?
News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-burn-rate-spikes-price-fails-respond.html
The above is the detailed content of Shiba Inu (SHIB) Burn Rate Spikes 459%, But Price Fails to Respond. For more information, please follow other related articles on the PHP Chinese website!
FloppyPepe (FPPE) Price Could Explode As Bitcoin (BTC) Price Rallies Towards $450,000May 09, 2025 am 11:54 AMAccording to a leading finance CEO, the Bitcoin price could be set for a move to $450,000. This Bitcoin price projection comes after a resurgence of good performances, signaling that the bear market may end.
Pi Network Confirms May 14 Launch—Qubetics and OKB Surge as Best Cryptos to Join for Long Term in 2025May 09, 2025 am 11:52 AMExplore why Qubetics, Pi Network, and OKB rank among the Best Cryptos to Join for Long Term. Get updated presale stats, features, and key real-world use cases.
Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) Declares a Dividend of $0.88 Per ShareMay 09, 2025 am 11:50 AMTORONTO, May 8, 2025 /CNW/ - The Board of Directors (the "Board") of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced that a dividend of $0.88 per share on the common shares of the Company has been de
Sun Life Announces Intended Renewal of Normal Course Issuer BidMay 09, 2025 am 11:48 AMMay 7, 2025, the Company had purchased on the TSX, other Canadian stock exchanges and/or alternative Canadian trading platforms
The Bitcoin price has hit $100k for the first time since February, trading at $101.3k at press time.May 09, 2025 am 11:46 AMBTC's strong correlation with the Global M2 money supply is playing out once again, with the largest cryptocurrency now poised for new all-time highs.
Coinbase (COIN) Q1 CY2025 Highlights: Revenue Falls Short of Expectations, but Sales Rose 24.2% YoY to $2.03BMay 09, 2025 am 11:44 AMBlockchain infrastructure company Coinbase (NASDAQ: COIN) fell short of the market’s revenue expectations in Q1 CY2025, but sales rose 24.2% year
Ripple Labs and the SEC Have Officially Reached a Settlement AgreementMay 09, 2025 am 11:42 AMRipple Labs and the U.S. Securities and Exchange Commission (SEC) have officially reached a deal that, if approved by a judge, will bring their years-long legal battle to a close.
JA Mining Helps Global Users Share the Benefits of the Bitcoin Bull MarketMay 09, 2025 am 11:40 AMBy lowering the threshold for mining and providing compliance protection, JA Mining helps global users share the benefits of the Bitcoin bull market.
Hot AI Tools
Undresser.AI Undress
AI-powered app for creating realistic nude photos
AI Clothes Remover
Online AI tool for removing clothes from photos.
Undress AI Tool
Undress images for free
Clothoff.io
AI clothes remover
Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!
Hot Article
Hot Tools
SecLists
SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.
PhpStorm Mac version
The latest (2018.2.1) professional PHP integrated development tool
SublimeText3 Linux new version
SublimeText3 Linux latest version
mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),
SublimeText3 Mac version
God-level code editing software (SublimeText3)
