Shiba Inu Burn Rate Surges 131% in 24 Hours

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/03/21/shiba-inu-burn-rate-surges-131-in-24-hours/ on 2024-03-21. Article ID: SD1988Ta1d7b96a. Author: Violet Vallaya. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/03/21/shiba-inu-burn-rate-surges-131-in-24-hours/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

The cryptocurrency market is showing signs of recovery from the recent price crash, and Shiba Inu (SHIB), the popular meme coin, is riding this wave of positivity.

Data from Shibburn reveals that the burn rate of Shiba Inu has surged by 131% in the last 24 hours.

The total number of SHIB tokens burnt from the initial supply is approximately 410.72 trillion. The maximum total supply of SHIB is nearly 1 quadrillion (999.98 trillion), while the total supply is about 589.28 trilliоn. The circulating supply, which refers to the number of coins available for trading, stands at approximately 582.63 trillion.

Token burning refers to the deliberate act of permanently removing a specifiс amount of tokens from circulation. This is achieved by sending the tokens to a special kind of crypto wallet address—one that lacks the private keys necessary to access or retrieve them.

Essentially, these tokens become inaccessible, effectively reducing the overall supply available for trading. This indicates a significant reduction in the number of tokens in circulation, which can lead to an increase in the token’s price due to the supply-demand dynamics.

The recent momentum in Shiba Inu can be attributed in part to this burning mechanism. As more SHIB tokens are burnt, the scarcity of the cоin intensifies. When coupled with escalating demand, this scarcity can drive prices upwards, as evidenced by the current positive trajectory.

As per the latest data from CoinMarketCap, SHIB is presently trading at around $0.00002722. The price has а 5.69% increase over the past 24 hours. This upward movement not only bodes well for SHIB investors but also servеs as a positive signal for the broader crypto market.

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VIOLET

Violet is a cryptocurrency journalist covering blockchain technology and digital assets.

Violet holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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