Burn Rate Crashes Down to 82 Million on 12 Nov 2024 as Market Cools Down
A day after the record 438 million burns and 2.1 trillion transactions, Shiba Inu’s burn rate has fallen to 82 million, which is still a high number considering the past burn rates.
At press time, Shiba Inu was trading at $0.00003, with a 15.6% price gain over the last 24 hours and a trading volume of $5 billion.
Shiba Inu Burn Rate Exceeds 2.1 Trillion Transactions
SHIB Tokens Burnt and Burn Addresses in Shiba Inu
On 11 November 2024, Shiba Inu saw a record 2.1 trillion transactions that burned nearly 438 million SHIB tokens. This high burn record promises a viable path to reducing the number of tokens in Shiba Inu, which was previously thought to be almost impossible.
At the end of this burn, the SHIB token supply remains at 583,684,879,218,474, with the token price at $0.0000292. This is 67.8% away from its ATH of $0.000088 (28 October 2021).
Shiba Inu Price Momentum This Week
A few people suggest that IntotheBlock shows a huge amount of whale activity in Shiba Inu. However, whale involvement is only detected through large transactions, which usually are small in number. This is opposite to the current situation, where there is a large volume of individual transactions, 2.1 trillion to be exact.
Shiba Inu Whale Transactions This Week
Shiba Inu saw a recent surge, much before the rally in Bitcoin. This was largely due to the exceptional performance of memecoins in the current year. The sector as a whole has been outperforming all other crypto sectors, with some notable gainers being BONK, WIF, PEPE, and POPCAT.
Link Between Burn Rate and Transaction Volume
The burn rate is directly proportional to Shiba Inu’s transaction volume after automated burning was implemented in early 2024.
Usually, a small portion of transaction fees is burned after every transaction is finalized. So, obviously, when there are a high number of transactions, there will be a higher burn rate. Ethereum follows a similar method.
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