SHIB Burns Continue Spiking, With Over 95% Increase, However There’s A Catch

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SHIB Burns Continue Spiking, With Over 95% Increase, However There’s A Catch

Shiba Inu token is one of the most vibrant memecoin in the cryptocurrency industry, with a very active community backing the project. SHIB is one of the Memecoin that has not faded away with the bear market but have continued pushing for adoption and utility of the token, giving its holders hope for a possible future price increase. 

Shiba Inu Community Continues Massive Token Burning, Burn Rate Hits Over 95%

Shiba Inu has a continuous token burn culture and it has led to billions of Shiba Inu tokens burnt forever over the months and that has continued till now. Few hours ago, a massive number of Shiba Inu coins were burnt, with burn rate rising substantially

Data from the Shibburn tracking website confirms that in the last 24 hours, the Shiba Inu community has recorded a massive amount of token burn. Despite the negative burn rate yesterday, the burn rate of SHIB has now soared by more than 95% at the time of writing. Shibburn confirms that in the last 24 hours, 44,867,610 SHIB has been forever burnt as shown in the image below. 

shib-continue-to-burn

Source: Shibburn

From the data on the website, the Shiba Inu community has succeeded in burning a whopping sum of 410,660,797,684,521 $SHIB from the initial supply, having a current circulating supply of around 579,752,283,459,309. Additionally, a massive amount of $SHIB is also staked on xSHIB, with the figure placed at 9,586,918,856,169.

More Adoption For The Shiba Inu Community From Turkish Crypto App

Recently, a Turkish-based crypto app, Bitcointry stirred up the memecoin community by making a tweet on the integration of various Shiba Inu products into its platform. 

The announcement teases that Bitcointry cryptocurrency app will now begin to show support for the Shibarium network, whereby the memecoin traders and admirers can now have access to also trade the BONE token on Bitcointry. 

SHIB Price Action Despite Rising Burning Rates And More Adoptions

 

Progressively, It’s important to mention that the Shiba Inu token has not yet been priced into all the recent token burns and adoption going on in the network. 

Currently, at the time of writing, the shiba inu price sits at around $0.000007 USD with a 24-hour trading volume of $85,249,282, being only up 0.32% in the last 24 hours. The current CoinMarketCap ranking is #18, with a live market cap of $4,078,402,910 USD, just slightly ahead of ChainLink at #19 with a live market cap of  $4,068,472,200. It’s safe to say that the price impact of the multiple token burn happening is not yet enough to drive further price increase for $SHIB. 

Lastly, The Shiba Inu community needs more than just token burn to drive prices up, but the cryptocurrency space is full of surprises and one may never know. This is why SHIB is one of the tokens that should be under your radar this period as excitement can be a good indicator to cause some price movements.

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