The post Shiba Inu Burn Rate Soars 5545% as SHIB Community Burns Over 61 Million Tokens appeared first on Coinpedia Fintech News
In the last 24 hours, the meme coin market has witnessed a growth of 4.1%. In line with the trend, the second-largest meme coin by market cap, Shiba Inu, has recorded a surge of 3.2%. Notably, during this period, the burn rate of Shiba Inu has experienced a remarkable rise of 5545.73%. Let’s examine how the coin ban has influenced the SHIB market. Ready?
SHIB Army Burns Over 61 Million SHIB in 24 Hours
In the last 24 hours alone, the SHIB community has burned at least 61,468,595 SHIB tokens. During the same period, the burn rate has soared around 5545.73%. Reports suggest that the token burn was carried out by making seven transactions to send SHIB to unspendable wallets. Data from Shibburn shows that the largest of these transactions was the burn of 48,266,929 SHIB tokens, while other prominent ones included burns of 6,008,171 SHIB tokens and 3,939,558 SHIB tokens, respectively.
SHIB Price Action: Surge and Decline
At the start of this month, the price of SHIB stood at $0.00001790. On November 4, it plummeted to a low of $0.00001687. However, between November 5 and 11, it steeply climbed from $0.00001689 to $0.00002789, marking a massive rise of 65.12% in just seven days; notably, on November 10 alone, the market grew by 27.04%. On November 14, the market slipped again to a low of $0.00002341. Since then, the price of SHIB has fluctuated between $0.00002343 and $0.00002593.
Yesterday, the SHIB price witnessed a notable surge of nearly 5.58%. However, today, at the time of writing, the price has so far dropped by 1.55%.
Luice’s Message to the SHIB Community
In a message to the SHIB community, the marketing lead of Shiba Inu, widely known as Lucie, highlighted the importance of patience and commitment over promotions and influencers. She advised the community to focus on organic growth, and to ignore bad actors. What Lucie’s message to the SHIB community reflects basically is the organisation’s commitment to building genuine projects while avoiding the pitfalls of unnecessary hype.
In conclusion, the SHIB community’s efforts to burn tokens reflect their dedication to improving the ecosystem. Despite price volatility, Lucie’s call for patience and focus on building provides a guiding light for the community.