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In a pivotal move, 30 million Shiba Inu tokens vanished amidst market turbulence. At the same time, Floki Coin experienced a staggering 70% surge in value within 24 hours, signaling a dynamic shift in the cryptocurrency landscape.
Shiba Inu's Drastic Burn Strategy Triggers Volatility: Market Reacts to Massive Token Reduction
This move comes amid a significant price correction for the meme coin, which fell sharply after a recent peak. The Shibburn tracker, which monitors SHIB burn transactions, reported that these tokens were transferred to an unspendable blockchain address in six separate transactions, effectively reducing the available supply of SHIB.
In a strategic move, over 21 million SHIB tokens were burned, a significant step in the community's ongoing efforts to enhance the value of Shiba Inu as an asset.
The burning mechanism, seen by many as boosting the value of the remaining tokens, has had a tangible effect. According to an Investing.com report, Shiba Inu prices have experienced a significant drop of 19.20% over the last two days, including a 13.17% decrease in the previous 24 hours.
This drop came after a remarkable high when SHIB removed two zeros from its value, reaching the $0.00003 level. However, it has since corrected, trading at around $0.0000272.
The drop in SHIB's price reflects a broader correction in the cryptocurrency market, led by Bitcoin's (CRYPTO: BTC) recent decline from its historic high of $73,750 to $67,279 at the time of writing.
Meanwhile, according to Etherscan, an astonishing 382 billion SHIB tokens, worth approximately $10.2 million, were transferred to an unknown wallet in just 20 hours. The movement included two significant transactions, which sparked speculation and interest among investors and analysts alike.
The first transaction involved an anonymous entity moving 357.97 billion SHIB, worth approximately $9.77 million, into a mysterious wallet. This was quickly followed by another transfer of 24.09 billion SHIB, worth $601,520, purportedly from the Bitvavo exchange.
Floki's Meteoric Rise Sparks Excitement: Times Square Campaign Set to Propel Cryptocurrency
The value of Floki surged by an astounding 70% on March 9, a development that has captivated the crypto community. A bold advertising campaign that will dominate New York's renowned Times Square anticipates this remarkable increase.
The Floki development team, known for its innovative approach, is gearing up for a marketing campaign to catapult Floki into the mainstream. Thanks to its unique features, this strategic move is set to redefine the future of this cryptocurrency.
As reported by Benzinga, Floki's trading price surged to $0.0002439, marking a staggering 101% increase in the past seven days. CoinMarketCap's data reveals a remarkable 53.10% rise in FLOKI's price, propelling its market capitalization to the 50th position.
With the potential to reach $0.0003500 shortly, Floki could make a significant leap into the top 40 by market capitalization. This prospect is sure to pique the interest of crypto enthusiasts.
As announced by the Floki development team on X (formerly Twitter), the highly anticipated Times Square campaign will kick off on March 15 and last three months. This extended duration ensures Floki's maximum visibility and impact.
Photo: Traxer/Unsplash
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