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Shiba Inu (SHIB) has seen a significant 439.9% increase in its burn rate over the last 24 hours, according to Shibburn data, indicating a potential positive shift for the meme coin amid market difficulties.
Surge in SHIB Burn Rate
There has been a dramatic increase in a key indicator for Shiba Inu (SHIB) today. This news arrives as the widely-used meme coin continues to struggle in the wake of the recent crypto market crash.
The most recent data from Shibburn shows that SHIB's burn rate has increased by 439.9 percent in the past day. Dead wallets have received more than 6.2 million Shiba Inu tokens throughout this period.
Token Burn's Effect on SHIB's Value
Due to its potential to increase the token's price momentum, this token burn event was crucial for the token. This upswing is encouraging news for the coin, even if it isn't certain.
U.Today elaborates that the act of transmitting a token to an invalid address removes it from circulation forever. So, no one will be able to get their hands on those burned tokens. They are completely useless for any kind of trade or transaction at this point.
Because it increases the scarcity of the coins in circulation, which in turn boosts the price of Shiba Inu, it is an essential operation.
In addition, it contributes to the ecosystem's overall efficiency and simplification. So far, out of the initial quantity of tokens for Shiba Inu, more than 410.72 trillion have been consumed.
More than 583.34 trillion tokens of the Dogecoin-rival are now in circulation, as of the publication of this article. The SHIB team has been actively working to make the token more scarce, and this proves it.
Currently, one meme coin is worth $0.00001638, down 2.76 percent from the previous day's trading price.
Potential Recovery in Sight
Plus, there has been a 24.26% drop to $391.82 million in Shiba Inu transaction volume. According to these numbers, the token is in a precarious position. But this pessimistic outlook is pervasive across the market.
The market is anticipated to make a small recovery following the recent downturn.
We also anticipate a price recovery for Shiba Inus from where they are now. The picture for SHIB is not that gloomy when you consider the most recent spike in burn rate.
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