Shiba Inu “burn rate” hit a new weekly high as 325 million SHIB tokens were eliminated this week. Currently, the Shiba Inu burn rate has risen by 332% in the past 24 hours, making it the largest “burn” in June.
“In the past 24 hours, a total of 324,211,278 SHIB tokens have been burned and 15 transactions have been made. Check out the total amount of SHIB tokens burned, inventory in circulation, etc. ShibArmy,” tweeted ShibBurn’s official name.
In the past 24 hours, there have been a total of 324,211,278 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) June 14, 2022
The most recent burn has been initiated in 15 different transactions, a list of programs can be viewed here.
The “burn” comes at a time when the cryptocurrency market is in bloody throes, with top coins posting double-digit declines. The leading cryptocurrencies are down more than 60% from their all-time highs, wiping out the gains they’ve made in 2021.
While the coin in the index plummeted, Shiba Inu also saw a surge in trading volume this week. The dog-themed token created massive buying pressure on Coinbase, with 81% of users remaining in a “buy” status, while only 19% of users at Coinbase remained in a “sell” status.
This suggests that investors are buying the Shiba on dips and making the most of them by accumulating more coins. Also, ETH whales are going all-in on Shiba as “BlueWhale0073” bought 356 billion tokens worth $3 million today.
Despite the market crash, demand for the Shiba Inu token has not declined and the token continues to attract investor attention. Investors see SHIB as a low-hanging fruit, affordable and likely to soar in the future. However, whether SHIB will offer better returns in the coming years or will it refuse, only time will tell.
Shiba Inu is full of development, with several releases in the pipeline. The long-awaited Shibarium is now a hot topic within the community, who believe that the layer 2 network will contribute to the sustainable scaling of the token. However, a tentative release date for Shibarium has not been announced.
Its lead developer Shytoshi Kusama revealed in a recent Discord Q&A that Shibarium’s release could be “soon”. Also, its ecosystem is expanding with SHIB: The Metaverse which is expected to be launched by the end of 2022. The ‘burns’ could intensify after Shibarium and the Metaverse is released as they might come with a built-in ‘burn mechanism’.
At press time, Shiba Inu was trading at $0.00000808 and is up 6.6% in the 24-hours day trade. However, it is down 90.7% from its all-time high of $0.00008616, which it reached in October last year. SHIB, during that period, had gone parabolic and had jumped 1,000% in the indices in just 30-trading days.
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