The recent activity in Bonk coin has led to significant coin burns in the Shiba Inu network. Over the past 24 hours, 1.007 billion SHIB were burned, resulting in a 116,757% increase in the burn rate.
Significant Surge in Coin Burn Rate
According to Shibburn data, the latest transaction marks one of the largest single coin burns in the network. This transaction accounted for nearly all burn activity in the last 24 hours and was transferred to a standard dead wallet address on Monday.
Signs of Price Recovery
Following a 3.45% drop earlier this week, the recent price recovery of SHIB shows renewed interest from both whales and individual investors. As circulating supply tightens and demand sees a modest increase, this may lead to short-term volatility, laying groundwork for potential long-term bullish trends.
Opinion of Shiba Inu Administration
Lucie, a Shiba Inu administrator, emphasized the importance of focusing on project fundamentals despite price declines. She reminded the community that many projects claiming to be 'the next Shiba Inu' between 2020 and 2022 have now disappeared from the market.
The historic coin burn and increasing interest in SHIB indicate potential opportunities for the community in the future. Despite current price fluctuations, network activity and ongoing burns may provide a foundation for long-term growth.
