Shiba Inu Burn Rate Spikes by 240%, Price Remains Stable

The Shiba Inu Burn initiative has been one of the most significant developments in the meme coin realm. With over 549,063,278,876,302 SHIB in circulation, the overall goal is to restrict supply, create scarcity, and ultimately force a price increase.

Positively, February started out with respectable burn figures. Shiba Inu burn rate jumped by 10,000% this month as well. The burn rate, like its price, is nevertheless well known for its volatility. The burn rate also spiked by 2300% on Feb 27.

Also read: Mt. Gox Creditors Can Expect 137,890 Bitcoin Repayments This Month

However, the burn rate was not that exceptional in March. The burn rate even touched zero on March 1, 2023. Nevertheless, the burn rate has gained momentum, as it has spiked by 240% in the last 24 hours.

Source: Shibburn

Over 38.5 million SHIB were sent to dead wallets during this period. One notable transaction worth 22 million SHIB happened four hours ago at press time.

Shiba Inu price remains stable

According to CoinMarketCap data, Shiba Inu is trading at $0.00001121 at press time with no major volatility in the last 24 hours. However, the meme coin is down 9.8% in the last seven days and 26% in the last 14 days.

Also read: Amazon is Reportedly Planning to Launch its NFT Marketplace Next Month

Source: CoinMarketCap

However, after the launch of Shibarium, the price is expected to spike considerably. Shibarium has also been one of the most-anticipated launches by the Shiba Inu team and was trending on Twitter today as well.

  • meme coins
  • shib
  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in an announcement. The incident resulted in the theft of digital assets belonging to the pool and its clients worth a combined total of $3 million. Chinese Authorities Launch Investigation Into Crypto Mining Pool Hack A subsidiary of the coin minting company Bit Mining has been targeted in a hacking attack , the company said in a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis. According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen. The cyber attack has been reported to law enforcement in Shenzhen, China on Dec. 23. The Chinese aut
Read more

Blockchain.com and TON Foundation introduce Toncoin incentive program

Image
Zug, Switzerland, October 18th, 2023, Chainwire Today, The Open Network Foundation ( TON Foundation ), the non-profit Swiss organization working towards growing a Web3 ecosystem within Telegram, has announced a collaborative endeavor with Blockchain.com, one of the world's most trusted and popular platforms for retail customers and institutions to buy, sell, and trade cryptocurrency.  Through this collaboration, Blockchain.com and TON Foundation will make crypto more accessible for the over 800 million monthly active users on Telegram. In September 2023, TON Space, the TON-based self-custody cryptocurrency wallet developed by the team behind Wallet, was made available in the Telegram settings menu for existing users of Wallet outside of the United States. Starting in November 2023, TON Space will be available by default in the Telegram menu for all Telegram users outside the United States. All existing and new Telegram users, excluding those in the United States, will be able to ac
Read more

Flare (FLR) airdrops 15% of total supply to XRP holders before correcting by 76%

Image
After a 2-year wait, the layer-1 Flare blockchain has finally followed through and sent its tokens to those who held XRP at the time of the snapshot. The Flare (FLR) token Airdrop started on Mon., Jan. 9, nearly two years after a snapshot of Ripple (XRP) holders took place on Dec. 12, 2020. The FLR Airdrop was distributed at a ratio of 1.0073 FLR per 1 XRP and the initial distribution saw 15% of the total supply released to the community. A total of 28.5 billion FLR were distributed based on this methodology and according to Flare’s tokenomics, 58.3% of the total genesis FLR supply will be distributed over 36 months. Flare initial token distribution allocation. Source: Flare What is Flare? Flare is a Layer-1 Blockchain with an oracle system aiming to boost interoperability amongst decentralized applications (DApps) and blockchains. While the token only recently launched, the protocol launched its mainnet on July 11, 2022. To date, the Flare mainnet has already processed over 70 mi
Read more