Shiba Inu Burn Rate Soars Past 1,000%

The popular meme coin, Shiba Inu (SHIB) is again making headlines as its burn rate has moved to 1027.94% in the last 24 hours. This is a positive development for the coin as it shows increased demand for the coin on the market. The trading volume of the coin has surged by over 70% during the last day as well.

In the past 24 hours, about 15,487,160 SHIB tokens have been burned. It takes the total burnt from the initial supply to a mammoth 410,649,283,181,166. In addition to this, the number of staked SHIB tokens stands at 10,360,496,528,318. These figures indicate that there is a growing demand and interest for the token within the crypto space.

Shiba Inu Burns non stop

What Does It Mean for the Price of Shiba Inu (SHIB)?

The SHIB token experienced positive change yesterday. However, today its price has slightly decreased by 0.43% and retraced to $0.000007174. The coin currently sits at #17 in the list of top cryptocurrencies by market cap with a market cap of $4.233 Billion. Plus, the coin has gained more than 8.75% in the last 7 days as well.

What Does It Mean for the Price of Shiba Inu (SHIB)?

The bullish momentum observed in the past week is an encouraging sign for the Shiba Inu ecosystem. It is a relief for the meme coin after shedding over 91% from its all-time high price of $0.00008616. Moreover, a positive influence was also seen on Shiba Inu’s BONE token which gained over 5% during the last week.

Elon Musk Triggers a Sell-Off for BOB

In other meme coin related news, Elon Musk has called BOB a scam crypto account. The account is now suspended on Twitter. As a result, the BOB token has slid by over 50%. The account had over 400,000 followers on the popular social media app.

Musk further added,

“Promotion of scams under the guise of being a funny/helpful bot will result in suspension. Doesn’t matter how much you pay us.”

However, Musk’s new stance contrasts his previous, “I love Bob” tweet on April 20. Therefore, crypto users are asking for an explanation and reasoning for the account’s suspension. Tesla’s head has always remained in the headlines for talking and showing interest in meme coins, like DOGE and SHIB. So his words carry a strong influence on the investor’s interest and the coin’s performance.