Shiba Inu Defies Market Trends with a Staggering 1009% Surge in Burn Rate
Release: 2024/05/04 20:24 Reading: 500
Shiba Inu Defies Market Trends with a Staggering 1009% Surge in Burn Rate
Shiba Inu, a prominent meme coin by global market capitalization, has made headlines with a significant update. Despite recent market volatility, the meme coin's price has demonstrated resilience, defying market norms and maintaining an upward trajectory above the critical resistance of $0.00002315 at the time of writing.
Propelling the token's upward momentum is a remarkable 1009% increase in Shiba Inu's burn rate, reported over the past 24 hours, with 29.11 million SHIB being destroyed. This substantial increase aims to enhance SHIB's economic fundamentals, focusing on the design and distribution of its native digital tokens while reducing the supply.
A Whopping 1009% Surge!
As the SHIB burn rate surged by 1009%, the price trajectory maintained its upward trajectory alongside broader market trends. This surge pushed SHIB above the $0.000025 mark once again, attracting significant investor interest in Shiba Inu's optimistic future price movements.
Despite 211 billion coins being sold by wallets over the past day, Shiba Inu exhibited resilience.
Additionally, Coinglass reported SHIB liquidations worth $90.39K with reduced selling pressure.
Shibarium Hard Fork Upgrade
The Shiba Inu crypto community recently underwent a hard fork upgrade for Shibarium, promising faster transactions and "predictable for everyone" gas fees. A hard fork upgrade involves splitting an existing blockchain into two, with the old version being abandoned and the new version continuing. This upgrade is irreversible.
Post-BTC-Halving Rally
Notably, a post-BTC-halving rally, where altcoins typically follow Bitcoin's uptrend, could also lead to impressive gains for Shiba Inu.
Community-Driven Burns
In a recent post on , Lucie, the Shiba Inu marketing lead, emphasized the importance of increasing community participation and efforts in SHIB burns. She stated that the developers and Shytoshi Kusama are not the sole drivers of burns, as they do not hold tokens for burning.
Community members play a crucial role in driving burns through actions such as burning tokens or engaging in transactions. The Shiba Inu community burned over 1.69 billion tokens throughout April, a figure lower than the 15.64 billion tokens burned in March.
Lucie stressed the community's aspiration to achieve significant price milestones, such as $0.01. She highlighted the importance of unity and collective effort in realizing the goals set by the Shiba Inu project.
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