Shiba Inu Coin Burn Impacts Price Surge
Release: 2024/05/05 11:14 Reading: 300
Shiba Inu Coin Burn Impacts Price Surge
Burns on the Shiba Inu side have consistently captured investors' attention, fueled by the belief that these actions will eventually drive up prices.
Shiba Coin Burns
Shibburn tracker recently announced a new burning process initiated by the Shiba Inu community, resulting in a significant reduction in the circulating supply of SHIB meme coins.
Concurrently, the SHIB price experienced a notable increase of over 12%. This surge was accompanied by a skyrocketing burn rate, exceeding 1,000%.
src="/uploads/20240505/1714882286663706ee12e73.png">
According to SHIB Burn data, the burn rate increase from yesterday morning to the present reached an astonishing 1,009%.
During this process, a total of 29,199,627 SHIB coins were permanently removed from circulation. The two largest burns involved transactions containing 14,943,135 and 10,006,280 Shiba Inus.
Shiba Coin Comments and Burn Innovations
In early 2024, the SHIB team announced the testing of a new system for automated SHIB token burning on the Shibarium test network. This initiative involved burning tens of billions of SHIBs linked to accumulated gas fees.
Shibarium transaction fees are paid in BONE, with a portion of these BONEs later converted to SHIB and sent to unburnable wallets.
Despite the initial announcement, no further updates on the automatic burning mechanism have been released. The SHIB community eagerly awaits news of its implementation.
Lucie, the team's marketing officer, recently addressed inquiries about the resumption of burning, citing SHIB creator Ryoshi's comments. Ryoshi emphasized the need for purchase transactions to occur before meme coins can be burned, encouraging community participation in the process.
Following these developments, a slight dip in SHIB's price was observed. The market's second-largest meme coin by volume, Shiba Inu, experienced a pullback after its recent rise. At the time of writing, the price stands at $0.00002459, having briefly surpassed $0.000025 earlier in the day.
SHIB/TRY pair analysis indicates a current price of 0.0007957 TL.
Source: COINTURK NEWS
Recent news
More>- 60.9 Billion Dogecoin (DOGE) in 24 Hours, What's Happening? 11-27
- Historic Milestones: Bitcoin approaching $100,000 and Pepe Unchained secures over $52 million in presale 11-27
- UK’s financial regulator to implement final crypto rules by 2026 11-27
- Dogecoin’s Dogebox Will Revolutionize Everyday Transactions in 2025 11-27
- From Dogecoin to Dogen: The 10,000% Rally Everyone Is Talking About! 11-27
- Bets.io – one of the most wonderful and safe online crypto-casinos 11-27
- This week’s crypto opportunities: Buy signals for XRP, LINK, and XYZ 11-26
- Trump’s Pet Pepe (TRUMPEPE) Solana Memecoin Will Rally 18,000% Before Exchange Listings, As Shiba Inu and DOGE Lag 11-26
- Analyst Predicts This Layer-2 Meme Coin Could Surge 150X at Launch 11-26
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com