CandleFocus SHIB Burns Deep in Red – What's Happening?
2024-09-12
Author: Content Editor
The SHIB burn rate has significantly decreased in the last 24 hours, with a small number of meme coins being taken out of circulation. Activity on Shibarium remains slow, which is not helping with regular SHIB burns. Over the last 24 hours, about 2,516,677 SHIB coins were transferred to unspendable addresses and removed from circulation. The previous day saw a significant increase in SHIB burns, with 3,106,197 coins being burned. Despite a recent increase in daily transactions on Shibarium, it is still far below the previous high. SHIB burns are closely linked to Shibarium transaction activity. The Shiba Inu team manually converted billions of BONE tokens to SHIB and burned them, and now an automated system has been implemented. The price of Shiba Inu has seen fluctuations in the past week, with a peak reached twice but then experiencing a decline. It has currently regained some value and is trading at $0.00001338. Overall, the price of Shiba Inu has decreased by 16.15% since August 24.
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