Shibburn on Twitter just reported that the Shiba Inu burn rate has gone up by 1664.65% in the last 24 hours. It led to the removal of over 75,651,895 SHIB tokens from circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00000679 (1hr -0.65% ▼ | 24hr -1.98% ▼ )
Market Cap: $4,006,881,589 (-1.74% ▼)
Total Supply: 589,338,849,019,567TOKENS BURNT
Past hour: 34,898,658 (3 transactions)
Past 24Hrs: 75,651,895 (1664.65% ▲)
Past 7 Days: 249,730,546 (-20.07% ▼)— Shibburn (@shibburn) October 18, 2023
Shiba Inu Burn Rate Goes Up to 1664.65% in 24 Hours
According to Shibburn, a SHIB burn tracker on Twitter, the token burn rate has drastically increased. Two days ago, the Shiba Inu burn rate reportedly jumped 260% in 24 hours. It shows that a large amount of Shiba Inu is being removed daily. Why?
Of course, this is to reduce the total supply of SHIB, which can create scarcity. Furthermore , this can lead to potentially increasing the value of the remaining SHIB tokens in circulation. Token burning is a major tool most memecoins and other good projects employ to reduce their circulation and drive prices up.
However, this is not the current state of the Shiba Inu token, seeing as the price keeps going down despite the multiple token burn.
$SHIB Price Action Despite Token Burn
According to Shibburn’s hourly update, Shiba Inu’s price is falling alongside the market cap in the last 24 hours. Its current price is currently trading at $0.00000679, falling by 2.35% from the last day. Even experts wonder if the Shiba Inu burn rate would positively impact the coin’s performance. However, over the last seven days, Shiba Inu has experienced surges, but overall its price has not shown a solid increase.
To cap it off, despite removing millions of SHIB, there is still a circulation of 589,346,914,631,298 SHIB. Of course, It would take more Shiba Inu burn rate to determine if SHIB can break out of its resistance level of 0.00000725 to gain bullish momentum.
Only 7% of Shiba Inu Holders Find Themselves In A Profitable Position
Investing in Shiba Inu must have been a rollercoaster journey for the meme coin holders. Of course, This is due to significant price volatility within minutes. This is not just for Shiba Inu but for most of the memecoins in the market currently.
According to IntoTheBlock real-time data, a mere 7% of current SHIB holders find themselves in a profitable position. This percentage shows the challenges that SHIB investors are currently facing.
Moreover, 1% of SHIB holders find themselves at a break-even point. At the same time, a staggering 91% will have to face the harsh reality of being at an overall loss.
Elon Musk Raises SHIB Armies’ Enthusiasm With His Latest Cryptic Post On X(Twitter)
The tech billionaire and owner of X(formerly Twitter) has once again given the cryptocurrency world something to chime about. Notably, Musk posted a cryptic message, bringing excitement to XRP and SHIB fans, with both groups trying to decipher the meaning.
In a recent Twitter post, Musk wrote, “In X S”. X represents the platform, but that didn’t stop XRP fans from denoting it as XRP. On the other hand, SHIB enthusiasts drew a connection between S and SHIB.
In 𝕏 S
— Elon Musk (@elonmusk) October 18, 2023
Vet Kusama, a member of the Shiba Inu team and community, suggested Musk’s post might signify “In X Shi”. It relates to the new stablecoin (SHI) development within the Shiba Inu ecosystem. Other tokens within the ecosystem consist of BONE, LEASH, SHIB, and TREAT. Investors should also pay attention to these tokens for any sudden price action in coming weeks.
In 𝕏 Shi ❤️
— Vet KUSAMA ™ (@vetkusama) October 18, 2023
Would an increase in Shiba Inu burn rate, or would the latest tweet by Elon Musk turn things around for the SHIB memecoin? It’s left to see in the coming weeks.
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