Shiba Inu, one of the most popular cryptocurrencies in recent times, has seen a massive increase in its burn rate due to several major transactions made over the past week. On 5th May, a mysterious wallet moved 1.69 billion SHIB to a dead wallet, leading to a whopping 38,986.28% increase in burn rate compared to yesterday's burn of 1.34 million SHIB. It followed the huge burn transactions from the CultPunks NFT project and the mysterious wallet two days earlier. Altogether, the Shiba Inu Community has removed a total of 3.98 billion SHIB from circulation in multiple burn transactions.
At the same time, whales have also been showing a keen interest in SHIB, adding more than 221 million SHIB to their wallets in a single transaction. The value of SHIB against USD currently stands at $0.000009945, with a 24 hour trading volume of $94.68 million.
Burning of coins is a growing trend in the cryptocurrency space, used by projects to reduce the total supply of their coins or to increase the price. By reducing overall supply, the project is able to increase demand and push prices up. In the case of Shiba Inu, the recent burn transactions have caused a dramatic increase in the burn rate, leading to much speculation as to its likely consequences.
Nicholas Howard
- 2023-05-05
Understanding the Consequences of Shiba Inu's Burn Transactions
Shiba Inu has seen a massive increase in its burn rate due to several major transactions made over the past week. Altogether, the Shiba Inu Community has removed a total of 3.98 billion SHIB from circulation in multiple burn transactions. Whales have also been showing a keen interest in SHIB.
