The Shiba Inu burn rate refers to how quickly a cryptocurrency's supply is reduced through transactions and other means.
On average, the Shiba Inu burn rate is around 1% of its total supply per year.
This rate can vary significantly depending on market conditions and user activity.
A high burn rate can be beneficial for the long-term value of the cryptocurrency.
What's Behind It?
The recent surge in Shiba Inu burn rate has left many wondering what's behind it.
A massive whale transaction was reported by Whale Alert, where 4.25 trillion SHIB were transferred to an unknown wallet.
This significant transaction coincides with a rise in burn rate over the past few days.
Data from Shibburn shows that one address sent a total of 20,000,000 Shiba Inu tokens to the SHIB burn wallet, while another saw about 25,000,000 SHIB sent to the burn wallet.
A low gas fee of less than $3 was used to initiate this huge transaction.
A unique perspective: Shiba Inu Burn Wallet
Frequently Asked Questions
How many Shiba coins are left?
There are approximately 549 trillion Shiba Inu coins remaining in circulation. The exact number may fluctuate due to ongoing market activity.
How to help burn Shiba Inu?
To help burn Shiba Inu tokens, send them to a designated burn address where they will be irretrievably lost. This process helps reduce the circulating supply of Shiba Inu tokens and can have a positive impact on the cryptocurrency's overall value.
How much SHIB will be burned in 2024?
In January 2024, approximately 9.9 billion SHIB tokens were burned from circulation. This significant reduction aims to increase the token's value by decreasing its supply.
What happens when Shiba Inu is burned?
When Shiba Inu is burned, the tokens are sent to an inaccessible wallet address, removing them from circulation. This reduces the total supply of SHIB tokens in the market.
Sources
- https://www.tokenmetrics.com/blog/shiba-inu-burn-rate
- https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-burn-rate-surges-by-5000-what-this-means-for-price/
- https://beincrypto.com/82-million-shiba-inu-burned/
- https://ambcrypto.com/shiba-inu-burn-rate-spikes-over-50-what-does-it-mean-for-shib/
- https://coinpaper.com/2665/shiba-inu-burn-the-mechanics-and-impact-of-the-shiba-inu-shib-burn-process
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