Shiba Inu Experiences Consolidation and Increased Burn Rate
Release: 2024/07/23 02:24 Reading: 796
Shiba Inu Consolidates with Increased Burn Rate
Shiba Inu is currently experiencing consolidation. Whale activity has decreased by 60%, and Shibarium is underperforming. However, the SHIB burn rate has surged by over 500%, resulting in more than 10 million assets being removed from circulation.
SHIB Price Performance
Despite consolidation, Shiba Inu remains in positive territory. The token's value has increased by 0.5% over the past 24 hours and is currently trading at approximately $0.00001787.
Shibarium Updates
The Layer-2 scaling solution, Shibarium, has faced setbacks. Active accounts on the protocol have dropped from 667 to 107, and daily transaction count has decreased by 85%. However, Shibarium has undergone recent upgrades, such as a new user interface update, to improve compatibility with popular wallets.
SHIB Burn Rate Increase
While other data may be declining, the SHIB burn rate has increased by over 500%. More than 10 million tokens have been sent to a void address, despite their insignificant value in USD. Continuous burning efforts could contribute to a potential price increase due to increased scarcity.
Burn Mechanism Explanation
The burn mechanism involves sending tokens to a void address, effectively reducing the total supply. This can potentially increase the value of the remaining tokens, assuming demand remains constant or increases. Over 41% of SHIB's total supply has been burned to date, leaving over 583 trillion tokens in circulation.
Original Source: COINTURK NEWS
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