The Shiba Inu burn rate has increased by more than 12,800% in the last 24 hours, creating mixed emotions among holders and traders.
Overview of Token Burning
In the past 24 hours, over 13 million SHIB tokens were permanently removed from circulation. The overall burn total since the protocol's launch now stands at over 410 trillion SHIB, with significant transactions involving 5 million and 7.5 million SHIB contributing heavily to the total. Despite the spike in burn rates, the market reaction remains muted.
Shiba Inu Price Dynamics
While the token burn rate has surged, the price of SHIB has dropped nearly 3%. It is currently trading around $0.00001153. The market capitalization stands at approximately $6.79 billion, and the trading volume has decreased by 24%, indicating a slowdown in buying interest.
Warning from the Shiba Inu Team
The Shiba Inu project team warns the community to be cautious of counterfeit tokens. Lucie, a well-known member of the team, stated that SHIB exists only on the Ethereum blockchain and any tokens claiming to be SHIB from other sources are fake. This warning is crucial given the growing interest in the ecosystem, which has locked in over $4 million on Shibarium's DeFi platform.
The increase in Shiba Inu token burning has become a significant event within the community, but the future direction of the coin's price remains uncertain. The future of SHIB depends on market reactions and the activity of larger wallets.
