SHIB Burn Rate Soars 557% Amid Community Efforts and Petitions
SHIB’s burn rate surged by 557.75% over the last 24 hours, reflecting efforts to increase token scarcity. Shiba Inu (SHIB) community petition for Binance to burn 1% of trading fees surpasses initial signature goal. According to Shibburn, Shiba Inu (SHIB) token burn rate has hit 10,559,572 tokens over the last 24 hours, representing a startling [...]
- SHIB’s burn rate surged by 557.75% over the last 24 hours, reflecting efforts to increase token scarcity.
- Shiba Inu (SHIB) community petition for Binance to burn 1% of trading fees surpasses initial signature goal.
According to Shibburn, Shiba Inu (SHIB) token burn rate has hit 10,559,572 tokens over the last 24 hours, representing a startling growth of 557.75%. Despite this significant burn rate, SHIB’s trading success has been subpar.
HOURLY SHIB UPDATE$SHIB Price: $0.00001765 (1hr -1.17% ▼ | 24hr -0.60% ▼ )
Market Cap: $10,397,336,776 (-0.66% ▼)
Total Supply: 589,272,353,711,088TOKENS BURNT
Past hour: 200,572 (2 transactions)
Past 24Hrs: 10,559,572 (557.75% ▲)
Past 7 Days: 75,073,108 (-32.82% ▼)— Shibburn (@shibburn) July 22, 2024
At the time of writing, SHIB was trading around $0.00001758, down 2.47% over the last 24 hours and 11.92% in the last week. This fall reflects the continued dominance of selling pressure on the second-largest memecoin by market cap.
SHIB Burn Mechanism Gains Momentum Amid Community Efforts
However, despite the poor performance, the burn mechanism has managed to raise the burn rate. This is consistent with the Shiba Inu team’s objective to increase the token’s scarcity by permanently limiting its circulating quantity.
Previously, we reported that members of the Shiba Inu community had started a petition urging Binance to burn 1% of all Shiba Inu trade fees on their platform.
The initial target of 500 signatures for this petition has been exceeded, with 799 signatures and a new target of 1,000 signatures. At the time of writing, there have been 86 new daily signatures.
SHIB’s recent performance stands in stark contrast to that of several of its newer competitors, such as BRETT and MEW, which have had double-digit percentage gains over the last 24 hours and are now among the top 100 cryptocurrency.
CNF recently reported that the SHIB burn rate had increased by 454.08%, totaling 48,604,444 tokens. While this percentage rise was lower than today’s, the total number of tokens burned was approximately four times larger.
This continual burn activity implies a concerted effort by the community to boost the token’s value through scarcity.
Crypto analysts and popular SHIB fans, such as SHIB KNIGHT, predict a mid-term rally for the meme token. According to the posted charts, SHIB’s price is about to break out of a triangular pattern, potentially surging 379% to $0.00008268.
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