While Shiba Inu (SHIB) Token Price Rises, SHIB Burning Rate Declines!

  • Shiba Inu, an Ethereum-based altcoin, has garnered attention in the cryptocurrency world by experiencing a price increase despite a decrease in token burning.
  • While SHIB is consistently burned, the burning rate has seen a 43.33% decline in the past week. A total of 130.90 million SHIB was burned in the last seven days.
  • As of the time of writing, the Shiba Inu price has seen a 3.66% increase in the last twenty-four hours, trading at $0.00000849.

Shiba Inu price is experiencing a significant increase in the last 24 hours, but the SHIB token burning rate is observed to be declining: Current SHIB data!

Shiba Inu Token Burning Rate Shows Decline

Shiba Inu (SHIB)

Shiba Inu, an Ethereum-based altcoin, has garnered attention in the cryptocurrency world by experiencing a price increase despite a decrease in token burning. Shibburn, a platform providing SHIB burning data, recently revealed data indicating a decline in burned SHIB tokens.

Additionally, Shibarium, a Layer 2 blockchain for Shiba Inu, has experienced a significant increase in testnet activities, leading to speculation among crypto traders and investors. As of now, data provided by Shibburn shows a 34.89% decrease in the burning rate of Shiba Inu in the last twenty-four hours. Additionally, the total number of tokens burned in the last twenty-four hours was 5.94 million.

Interestingly, while SHIB is consistently burned, the burning rate saw a 43.33% decrease in the past week. A total of 130.90 million SHIB was burned in the last seven days. The Shiba Inu crypto community gained attention in the cryptocurrency world with a significant burning of SHIB tokens in recent days.

In a series of transactions, it appears that the Shiba community has burned a total of 410.662 trillion SHIB tokens to date. The above token burning emerged as a result of the Shiba community’s efforts to support their tokens.

The Shibarium testnet activity has also increased significantly in recent days. According to data presented by a blockchain explorer, there were no transactions in the Shibarium testnet in recent weeks. However, since November 9, a total of 400,000 transactions have taken place, gaining attention in the crypto markets.

Shiba Inu Price Report

As of the time of writing, the Shiba Inu price has seen a 3.66% increase in the last twenty-four hours, trading at $0.00000849. However, the token experienced a small decrease of 3.28% in the past week. Additionally, the 24-hour trading volume showed a significant increase of 17.63%, reaching $119.77 million.

The price increase of SHIB in the last month is evaluated at 12.25%, aligning with the Shiba community’s efforts to enhance SHIB tokenomics. As long as the Shiba community continues to burn a significant amount of tokens, the scarcity of the token may continue to increase, potentially leading to a better outlook for the token in the broader crypto markets.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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