Shiba Inu Coin: SHIB Burn Rate Spikes 500%, Price Rally Imminent?
Release: 2024/05/20 12:44 Reading: 256
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=197690
Shiba Inu, the self-proclaimed Dogecoin killer, has once again turned heads across the crypto landscape, primarily due to its optimistic cryptographic ventures. Insights by the tracker Shibburn revealed that the meme coin’s burn rate soared over 500% today, May 20th.
This has injected a dose of market optimism among crypto traders and investors who are extensively eyeing the meme-based crypto. Notably, Shiba Inu’s market supply takes a blow with such massive burn transactions, concerning which bolstered tokenomics is much anticipated for SHIB ahead.
Here’s an in-depth report on Shiba Inu’s current market dynamics:
Shiba Inu Burn Ignites Hope For Future
Shibburn’s insights reveal that the burn rate has skyrocketed by 579% in the past 24 hours, following the incineration of 9.83 million tokens in a series of transactions. Of these transactions, the transfers to burn addresses from two specific addresses have particularly caught the attention of the market.
As per the data, the wallet address 0x608125… was recorded, shifting 3.10 million SHIB to a dead wallet via numerous transactions in the past 24 hours. Further, the address 0xa9d…was also registered to have been transferred 4.69 million SHIB to a dead wallet over the past day. These addresses’ transactions appear to be responsible for the lion’s share that aided the spike in the SHIB burn rate.
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