Shiba Inu Starts Off Strong With An Explosive 233% In SHIB Burn Rate
2023年10月17日 - 1:00AM
NEWSBTC
The Shiba Inu ecosystem has started out the new week on a
particularly positive note. The burn rate, which is a community
initiative to reduce the massive supply of the token, has seen a
significant jump as the price of the meme coin has recovered. SHIB
Burn Rises 233% A Monday report by Shiba Inu burn tracking website
Shibburn showed that the SHIB burn rate has seen an impressive 233%
climb. This puts a turn on the particularly slow weekend which saw
burn rates decline rapidly. Related Reading: By The Numbers:
Bitcoin Hashrate Poised To Complete 100% Growth In 2023 As the new
trading week opens up, the total SHIB tokens burned during this
time has crossed 56.98 million. This was the result of tokens being
sent to the burn address across 29 addresses, with more than 3.7
million tokens sent to the burn address in the last hour as of the
time of this writing. Burn rate spikes 233% | Source: Shibburn The
token burn also led to an increase in the burn rate for the last
week as well. Monday’s burn figures saw the weekly burn total rise
above 316.7 million. This is a 26% increase in the burn rate
compared to the previous seven days. Some of the largest burns came
from the ‘0x909a9’ and ‘0x4be2’ addresses. Both addresses burned a
total of 7,119,784 million and 8,095,490 million tokens
respectively. The total comes out to over 15 million tokens,
accounting for around 27% of the total burns for the day. SHIB
price holding $0.0000071 | Source: SHIBUSD on Tradingview.com Shiba
Inu Sees Price Recovery On Sunday, the price of Bitcoin surged
toward the $28,000 level, and in response, the rest of the crypto
market followed the flagship cryptocurrency. Shiba Inu was no
different and finally saw a reversal in its bull stretch since the
month began. Shiba Inu rose around 1.24% in the 24-hour period and
although this is not as impressive as some of the recoveries
mounted by other assets, it has helped the cryptocurrency to secure
its support at $0.000007. This gives bulls some wiggle room as they
regain their bearings in the market. Related Reading: How Ripple’s
Rumored Token Burn Could Affect The XRP Price However, Shiba Inu is
still seeing small losses of 0.59% on the weekly chart. This
suggests that the bulls’ hold on the asset is weak and bears could
regain control if momentum slips. This battle for control is
mirrored by the daily trading volume of the crypto which is up
25.85% and sitting at $101.7 million, according to data from
CoinMarketCap. So far, there doesn’t seem to be any special event
pushing the price of SHIB besides the Bitcoin recovery. Given this,
if the Bitcoin rally ends, then SHIB will most likely follow and
fall into losses again. Featured image from U.Today, chart from
Tradingview.com
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