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Bullish
๐ฅ SHIB Burn Rate Surges 3,194% โ Is a Price Shift Finally Coming?
In the last 24 hours, Shiba Inu's burn rate has increased 3,194%. Over 521.6 million SHIB tokens were permanently withdrawn from circulation, according to Shibburn. Although the token's price motion is bearish, this rapid and steep burn rate increase has boosted SHIB community confidence.
On Shibburn.com, a few significant transactions led the recent burn wave. The wallet address โ0xdb6โ enabled burns of over 500 million SHIB over several transactions to the BA-1 burn address. One of its greatest fires was 310,744,788 SHIB, followed by 107,333,061 and 103,276,575.
Other wallets, such โ0x28beโ and โ0x6176,โ sent SHIB tokens to CA and BA-2 burn addresses. These donations, however less than the principal whale wallet, helped burn over 521 million SHIB that day. These burns indicate a Shiba Inu community campaign to boost SHIB burns, which had been scarce in previous weeks.
The meme token's circulation quantity is over 589 trillion SHIB tokens, therefore 521 million tokens in a day hardly scratches the surface. This scenario illustrates Shiba Inu tokenomics' problem. The token's huge supply weighs on its long-term price appreciation aspirations, even after intense burns like the one in the previous 24 hours.
The SHIB market cap is $7.03 billion. TradingView chart
The surge in burn rate is still a favorable indicator, especially given that the Shiba Inu price is battling with sentiment. SHIB is trading between $0.00001225 and $0.0000119, thus additional burns in the next week might boost its price motion.
Shiba Inu is down 1.7% in 24 hours to $0.00001192. Burn activity has skyrocketed, but market reaction is limited. However, more may be going behind the scenes.
#SHIB #IsraelIranConflict #TrumpTariffs #TrumpBTCTreasury $SHIB
In the last 24 hours, Shiba Inu's burn rate has increased 3,194%. Over 521.6 million SHIB tokens were permanently withdrawn from circulation, according to Shibburn. Although the token's price motion is bearish, this rapid and steep burn rate increase has boosted SHIB community confidence.
On Shibburn.com, a few significant transactions led the recent burn wave. The wallet address โ0xdb6โ enabled burns of over 500 million SHIB over several transactions to the BA-1 burn address. One of its greatest fires was 310,744,788 SHIB, followed by 107,333,061 and 103,276,575.
Other wallets, such โ0x28beโ and โ0x6176,โ sent SHIB tokens to CA and BA-2 burn addresses. These donations, however less than the principal whale wallet, helped burn over 521 million SHIB that day. These burns indicate a Shiba Inu community campaign to boost SHIB burns, which had been scarce in previous weeks.
The meme token's circulation quantity is over 589 trillion SHIB tokens, therefore 521 million tokens in a day hardly scratches the surface. This scenario illustrates Shiba Inu tokenomics' problem. The token's huge supply weighs on its long-term price appreciation aspirations, even after intense burns like the one in the previous 24 hours.
The SHIB market cap is $7.03 billion. TradingView chart
The surge in burn rate is still a favorable indicator, especially given that the Shiba Inu price is battling with sentiment. SHIB is trading between $0.00001225 and $0.0000119, thus additional burns in the next week might boost its price motion.
Shiba Inu is down 1.7% in 24 hours to $0.00001192. Burn activity has skyrocketed, but market reaction is limited. However, more may be going behind the scenes.
#SHIB #IsraelIranConflict #TrumpTariffs #TrumpBTCTreasury $SHIB
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