- SHIB’s burn rate surged by 772% in 24 hours, burning over 15 million tokens and reducing supply.
- Market data shows SHIB’s price dropped by 0.46%, while the market cap fell by 0.47% on the last day.
- Shiba Inu trading volume decreased 7.46% as the market reacted to the Federal Reserve’s interest rate decision.
Dog-themed cryptocurrency Shiba Inu has seen a surge in burn rate. Over the last 24 hours, the rate has increased by 772.63%, a figure that has caught the attention of the crypto space.
Shiba Inu Burn Rate Soars 772%, Over 15M Tokens Burned
According to Shibburn.com, the burn rate has risen by 772.63%. Per a recent hourly update provided by Shibburn, 15,089,691 SHIB tokens were burned in the last 24 hours, observing a 772.63% surge in burn rate.
According to the data, 410,728,825,806,575 tokens have been burned from the initial supply, reducing the total available supply. The max total supply for Shiba Inu is 999,982,344,271,264 tokens. After the burns, the total remaining supply stands at 589,271,174,193,424 tokens.
In addition, the data shows that the circulating supply, which signifies the number of tokens engaged in the market, is 583,494,760,967,592. Moreover, 5,776,413,225,832 Shiba Inu tokens have been committed to xSHIB staking, a method where owners tie up their tokens in hope of rewards, thus temporarily pulling them out of the market.
SHIB Market Movements
The Shiba Inu price began to rise last Tuesday, beforehand of the Fed’s rate decision announced Wednesday. In the week just concluded, cryptocurrencies gained as part of a market rally after the Federal Reserve cut interest rates by half a percentage for the first time in more than four years.
However, at the time of writing, the price of SHIB read at $0.00001468, reflecting a 0.46% decrease over the past 24 hours. The market cap stood at $8.65 billion, representing a slight 0.47% drop. In the past 24 hours, SHIB has experienced a trading volume of $190.74 million, which marks a 7.46% decline.
Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
