A major transaction burning 20 million SHIB has captured the attention of the crypto community, reflecting current trends in cryptocurrency supply management.
The SHIB Crypto Transaction
The Shibburn platform, which tracks SHIB burn transactions, reported the destruction of 20 million coins. This transaction, performed by an anonymous participant, removed these funds from circulation by sending them to an unspendable blockchain address. According to the platform, a total of 20,794,281 SHIBs have been burned today, increasing the daily burn rate by 34.24%.
Impact on SHIB Price
Despite significant burning of coins, the price of Shiba Inu has dropped by nearly 16% over the past 24 hours. After losing the $0.00001517 level on Monday, it has settled at $0.00001286. This drop comes after an 11.24% surge on Sunday following the US President's announcement of a crypto reserve initiative.
Current Crypto Market Situation
The cryptocurrency market continues to experience volatility. Bitcoin recently experienced a significant 10% rise after the US President's announcement, only to fall by 12.18% later. Currently, Bitcoin has partially recovered, trading at $84,830 per coin.
The SHIB burn illustrates a strategy for managing supply and affecting market prices. The decline in Shiba Inu's price highlights the volatility of the cryptocurrency market, while the crypto reserve initiative remains a key topic for market participants.
