Shiba Inu has become a prominent player in the fluctuating crypto market within a short period of time, garnering investors’ interest. Over the recent days, Shiba Inu has been creating shockwaves in the industry with the astounding increase in the burn rate.
The official Shib burn tracker Shibburn took to X (formerly Twitter) earlier today to draw the community’s attention to the appreciable performance of the decentralized cryptocurrency. According to the tweet, the burn rate of Shiba Inu has substantially increased, with a considerable amount of tokens, to be specific, 84,203,486 Shib tokens successfully removed from the total supply of the tokens in one day. The post also shed light on the remarkable 9 transactions witnessed in the last 24 hours.
In the past 24 hours, there have been a total of 84,203,486 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/vGZrVXuqxN
— Shibburn (@shibburn) October 19, 2023
Source: Shibburn
By definition, burning is a deflationary process that permanently removes a portion of the total cryptocurrency in circulation, thereby decreasing the total supply and increasing demand and market value. The total supply of the Shiba Inu token is 999,982,697,981,254, and by burning 410,661,199,268,822 tokens, nearly half of the total cryptocurrency has been burnt.
According to Shibburn’s X post, on October 18, a total of 39,828,715 Shib tokens had been burnt. While comparing the two days’ data, it is evident that the token’s burn rate is remarkably surging.
Incepted in 2020, Shiba Inu emerges as a leading meme coin in the crypto space. While the token is inspired by the Japanese dog breed Shiba Inu, it serves as a mascot for Dogecoin, another significant player. Currently, Shiba Inu is priced at $0.00000674, after a plunge of 2.69% in one day and 1.20% in 7 days. With a $3.97 billion market cap, down by more than 2%, Shiba Inu secures the 19th position in the list of top cryptocurrencies.
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