- The Shiba Inu token burn witnesses a 6,936% surge within 24 hours, sparking a significant uptick in SHIB prices.
- The Shiba Inu community, the SHIB Army, demonstrates the power of collective effort as their continued token-burning activities lead to increased SHIB value.
A sharp increase in the burn rate of Shiba Inu tokens has given an impetus to SHIB’s market value. Over a 24-hour window, more than 341 million SHIB tokens were annihilated, resulting in a dramatic 6,936% surge in the burn rate. This considerable rise in token burn bolstered the value of this well-known meme cryptocurrency.
The Shiba Inu community, fondly referred to as the SHIB Army, has been relentlessly undertaking token burn activities. Token burning is a process where tokens are sent to an address from which they cannot be retrieved, effectively eliminating them from circulation, hence increasing their scarcity.
Address “0xcf6” led the pack among transactions contributing to this burn rate, dispatching nearly 252.8 million SHIB tokens to an irretrievable wallet, as per etherscan.io data. This increase in token burn signifies a combined community effort, which witnessed the destruction of 341 million SHIB tokens in just five transactions in one day.
The extent of this recent token burn nearly equals the 377 million SHIB tokens obliterated in the previous week. With supply-demand dynamics at play, such a notable decrease in the circulation of SHIB tokens can contribute to a rise in the token’s value over time.
This was promptly observed in the SHIB price, which saw an increment of 5.6% within 24 hours and approximately 20% over the previous week. This rise in token value, following the burn surge, accentuates the influence of community commitment in the evolution of their chosen cryptocurrency’s value. The SHIB Army’s unwavering dedication, coupled with the inherent market dynamics, appears to push the SHIB value uphill, despite criticisms about meme coins lacking intrinsic value.
The SHIB token has been on a steady rise in recent days, breaching several resistance levels and trading at $0.00000791, an increase of 19.6% over the past week. With a market capitalization of $4.6 billion, it stands as the 16th largest cryptocurrency.
Over the past week, SHIB’s daily trading volume has also seen significant shifts, soaring from as low as $98 million to $300 million within the past 24 hours. This uptrend in SHIB’s value is indicative of the overall bullish sentiment in the cryptocurrency market, with other cryptocurrencies, including Bitcoin, positively impacting SHIB prices.
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This latest burn surge underscores the significance of tokenomics, the study of cryptocurrency token-related economic systems. As the number of available SHIB tokens diminishes, their scarcity and potential value increase correspondingly.