Shiba Inu Coin Burn Rate Plunges Ahead Of Shibarium Launch
The second-largest meme crypto, Shiba Inu, saw a significant price rise ahead of Shibarium’s launch and recent partnerships. SHIB prices have risen by 67% in the past 30 days. SHIB burn rates have dropped by more that 99% in the last 24 hours, which is a sign of low enthusiasm from the SHIBarmy.
SHIB burn rate drops to a new low.
Despite the recent price rise, the SHIB’s burn rate has not performed well in comparison to the price. According to Shibburn (a tracker of Shiba Inu tokens removed), the SHIB burn rate has fallen by 99.13% over the past 24 hour.
Although the meme coin has shown positive SHIB burns streaks since 2023, not all days are gold. Short-term traders may have lost interest in the meme coin. This could explain the drop. Many meme coin enthusiasts believe that Shibarium’s launch might increase their SHIB burn rate.
Shiba Inu towards the Bull Run
SHIB trades at $0.00001411, a 20.59% increase in value over the last seven days. According to CoinMarketCap, SHIB has a market capitalization at $7.75 billion. The circulating supply is approximately 505,499.973 SHIB.
Source: CoinMarketCapWallaceStats reported on February 4, 2023 that SHIB, which was created in August 2020, has amassed a large investor base and is now the most traded cryptocurrency of the top 1,000 Ethereum whales. The meme coin has managed to keep the highest dollar valuation.
Also read: When is Shibarium Launched? Shiba Inu Lead Developer Drops Hints
Disclaimer: This article is not intended to be an investment advice. It is solely for educational purposes.
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