The development surrounding Shiba Inu has recently caught the attention of crypto enthusiasts. The burning rate of Shiba Inu tokens has surged to a whopping 1,360% in the last 24 hours. The recent development has established yet another milestone for the SHIB community. However, it is widely believed that the continuous burning of the second-largest meme coin has triggered a sense of mass optimism within the community.
The burning percentage of the tokens was shared by the crypto’s burn rate tracking platform, Shibburn. As a result of this staggering burn percentage, approximately 172.9 million Shiba Inu (SHIB) tokens have been completely wiped out from a total supply of almost 999.9 trillion. At the same time, it has also become evident that the SHIB community has conducted a total of more than 60 transactions over the previous 24 hours to permanently eliminate a considerable number of tokens from circulation.
Despite the considerably higher burn rate, the total circulating supply of the token continues to hover around 579.4 trillion. Keeping in mind the current burn rate, a total of 410.6 trillion Shiba Inu tokens have been eliminated entirely from circulation. Despite the ongoing developments, the teams behind the meme coin achieved a significant milestone via the completion of the renouncing process for BONE. BONE is a gas token for ShibaSwap and the official token of Shibarium.
Impact on the Price of Shiba Inu (SHIB)
Following the continuous and increased burn rates, the meme coin was seen to be staying in positive territory. Over the course of the previous 24 hours, the token has stayed steady. It is currently trading at $0.000007253, and the market cap currently stands at the $4.27 billion mark.
At the same time, the trading volume of Shiba Inu was subject to a considerable increase as it jumped by almost 23.01% to $78.5 million. The recent surge in the trading price along with trading volume clearly indicates that the masses have appreciated the burning event.
However, it is a fact that the overall volatility of the crypto market is miles ahead in comparison to traditional financial markets. Keeping this volatility in mind, the future performance of cryptocurrencies cannot be exactly determined but these are surely positive signs for the SHIB token.