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Shiba Inu experienced a 310.99% burn rate increase on Friday, May 31, causing excitement among traders about a potential price rebound.
SHIB Burn Rate Spike
Shibburn, a reputable website that meticulously tracks the burns of SHIB tokens, reported a staggering surge of over 310.99% in the burn rate of Shiba Inu on May 31. This significant increase has sparked a wave of excitement among traders and investors, underlining the gravity of the situation.
This massive rise in the burn rate was caused mainly by three specific wallet addresses. This was primarily due to wallet address 0xa9d1, which moved 4.91 million SHIB to a dead wallet in two significant transactions hours apart.
Wallet Activity
At first, the holder burned 2 million SHIB pieces. After that, they moved 2.91 million SHIB coins to a dead wallet.
Coingape shares that another wallet address, 0xc8d…, transferred 1.5 million SHIB tokens to a dead wallet a few minutes before publishing their report. These big deals have increased Shiba Inu's burn rate lately.
The burn rate was also increased because wallet 0x608 sent 1.04 million SHIB tokens to a dead wallet in the past 24 hours. Because of this, a massive amount of 410.72 trillion SHIB coins have been burned already. Fewer SHIBs are being made, which is a possible reason that could make the token more valuable.
Impact on Supply
The exponential surge in SHIB's burn rate has profoundly affected its market supply, potentially bolstering its tokenomics. Shibburn data reveals a staggering 310.99% increase in the burn rate in the past twenty-four hours alone.
The community eradicated a cumulative total of 9.74 million SHIB tokens through multiple transactions during this period, a development that could significantly impact the token's value, a crucial factor for traders and investors to consider.
Price appreciation, a theory that holds true for cryptocurrencies as well, is now a topic of intense speculation. In economic terms, a drop in supply combined with stable or increasing demand often leads to price appreciation.
Many traders and investors are eagerly monitoring the progress of the meme coin due to this new development, which has caused the Shiba Inu community to experience a surge of optimism.
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