Shiba Inu Burn Rate Spikes Over 300% as Shib Army Grows

Shiba Inu ($SHIB) is being burned has surged by more than 300% to reach 14.13 Million SHIB in just 24 hours.

Shib Burn Rate Spike

According to data sourced from Shiba Inu burn tracker Shibburn, Shiba Inu’s burn rate has spiked more than 300% over the past 24-hour period. As the number of users in the SHIBArmy has kept on growing.

In the past 24 hours, there have been a total of 14,137,016 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) December 16, 2022

The concept of burning any coin or token will make it more scarce. As it removes the circulating supply to the highest possible degree. Thus the price of coin soar upwards. But, unfortunately it didn’t happen with the price of Shiba Inu.

According to Shibburn website, Burns are calculated using three special addresses, two dead wallets which have no obtainable keys and tokens sent to the Genesis address (Black Hole) which reduces the supply.

Shiba Inu Price Analysis This Year

The so-called “Dogecoin Killer,” SHIB, quickly gained speed and value after high-profile crypto enthusiasts like Elon Musk and Vitalik Buterin took interest in it.

But, now it seems like the dogecoin killer has lost its charm. It may be due to the ongoing crypto winter that affected the whole crypto industry badly.

The above graphic clearly indicates that SHIB has dropped by almost 72% from its initial price at the beginning of this year till its current price.

According to CoinMarketCap, the current Shiba Inu price is $0.000009 USD with a 24-hour trading volume of $84 Million USD. The token is up 0.31% in the last 24 hours, with a live market cap of $4.90 Billion USD. The token is ranking at 16th place and from recent seven days it is down by almost 4%.

The total number of unique addresses that hold assets in the network is around 1265 K till now.

However, after the fallout of one of the largest crypto exchanges, FTX affects the overall SHIB’s major moving average that turned towards the downside. Thus, the buyers keep their token on hold above the specific area of $0.00000820-40. Still, the token is following the longer downtrend.

Shiba Inu in The Field of Web3

No doubt, the meme token has a huge ecosystem with a wide range of services and products in the web3 network. Its appearance in the GameFi segment strengthened the hope that Shiba Inu is the future of gaming, as per nowpayments blog.

Source: https://www.thecoinrepublic.com/2022/12/16/shiba-inu-burn-rate-spikes-over-300-as-shib-army-grows/