- Shiba Inu burn rate soars 191.69%, withdrawing 7,648,382 SHIB from circulation, potentially increasing its value.
- Withdrawal of 225 billion SHIB from Coinbase reflects significant activity, coinciding with a 3% increase in SHIB price.
For Shiba Inu (SHIB), the acceleration of its burn rate of nearly 200% over the past day represents an event that could positively influence its valuation in the cryptocurrency market.
This action, which has taken millions of SHIB tokens out of circulation, points to a deliberate strategy to reduce the token’s overall supply, thereby increasing its scarcity and potentially its price.
Boost in Shiba Inu Burning
According to Shibburn, the platform that monitors Shiba Inu burning, there has been a significant increase in the burning rate, with 7,648,382 SHIB removed from circulation in the last 24 hours. This 191.69% increase in burn rate was the result of two large transactions that together incinerated 7,621,237 SHIB tokens.
The Shiba Inu burning initiative aims to decrease the amount of SHIB tokens in circulation, which reduces the total supply of the digital asset. As a result, this could cause Shiba Inu to become more scarce and potentially increase its value in the market.
Significant SHIB Movements
In addition, a recent report revealed a massive transfer of SHIB tokens out of Coinbase, which has generated speculation within the community about the reasons behind this move.
An unidentified wallet transferred 225 billion SHIB from Coinbase in two transactions over two days, which now positions the wallet to be worth approximately $2.10 million in SHIB.
This massive token withdrawal and the recent spike in the burn rate coincide with an increase in the price of SHIB, which has risen more than 3% over the past 7 days. Currently, SHIB is trading at $0.00000936, with a 2% increase in its market cap and a 16% decrease in its trading volume over the last day.
These actions could be interpreted as efforts to strengthen SHIB’s position in the cryptocurrency market, making the asset more attractive to investors and traders by increasing its scarcity and potentially its value.
Price at the close of this article is in the: