SHIB Burn Rate Rockets 1300% As Shiba Inu Price Plunges

Shiba Inu (SHIB), the self-proclaimed Dogecoin killer, is once again amassing significant attention in the cryptocurrency universe as the SHIB community is continuously burning colossal amounts of tokens, with a significant surge in the last 24 hours on November 17.

Subsequently, the Shiba Inu price witnessed an extremely marginal downfall as of writing. Today’s price slump comes despite the SHIB community’s efforts to build up support for their cryptocurrency.

However, over the past seven days, the SHIB price portrayed a bullish sentiment in the broader markets as the token witnessed a minimal price surge.

SHIB Community Burning Tokens

According to recent data unveiled by Shibburn, a platform offering SHIB burning insights, a whopping 105.20 million SHIB tokens were burnt as of today. The aforestated burning of tokens represents a 1327% upswing, gaining significant traction throughout crypto markets. Furthermore, as of writing, the total number of tokens burnt amounted to 410.66 trillion.

As per the data offered by Shibburn, two colossal transactions burning significant amounts of SHIB, among many others, caught the eyes of crypto market enthusiasts. An unknown address, 0x75d9df1efe6d860218…, burnt 100 million SHIB approximately 9 hours ago, along with another unknown address, 0x46340b20830761efd3…, burning 1.5 million SHIB approximately 12 hours ago.

The massive burning of SHIB tokens comes as a result of the Shiba Inu crypto community putting in efforts to jack up the SHIB tokenomics, inducing scarcity while also uplifting the value of the remaining tokens.

Meanwhile, according to ShibariumScan data, the total transactions on the platform are nearing the 4 million mark and stood at 3.95 million.

Also read: WisdomTree Revises Spot Bitcoin ETF; SEC May Delay Comments: Bloomberg Analyst

Shiba Inu Price & Performance

The Shiba Inu price experienced a marginal downfall of 0.81% today, as of writing. The current SHIB price is valued at $0.000008793, undermining yesterday’s price in the green.

However, contrary to today’s price, the SHIB price witnessed a weekly upswing of 6.52%, along with a monthly surge of 24.41% while writing. The aforestated price surge over the past week and month seems to come in alignment with the recent burning of enormous amounts of SHIB tokens. This might indicate a positive outlook for the cryptocurrency’s future.

Also read: Ripple CLO Slams SEC Chair Gensler’s Remarks On Prejudgment

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