Recent data from the Shibburn tracker reveals a significant amount of Shiba Inu (SHIB) meme coins has been permanently removed from circulation.
In the last 24 hours, a combined effort from the SHIB community has successfully transferred 28,709,351 SHIB coins to a dead wallet, making them inaccessible and effectively reducing the total supply.
This was accomplished through six dedicated transactions, with the two largest transfers removing 21,657,489 and 6,824,773 SHIB coins respectively.
This action represents a step towards making Shiba Inu a rarer asset in the cryptocurrency market.
The SHIB army’s initiative to burn these coins demonstrates a commitment to increasing the value of their preferred cryptocurrency by decreasing its availability.
In parallel with the coin burn, the Shiba Inu cryptocurrency has experienced significant price movements.
READ MORE: UK Financial Watchdog Eases Path for Crypto ETNs, Keeping Retail Investors on the Sidelines
Over the last two days, SHIB saw a sharp decrease in its value, dropping by 19.20%, with 13.17% of this decline happening in the last 24 hours alone.
This downturn followed a period of impressive growth where SHIB eliminated two zeros from its value, peaking at $0.00003. As of now, it has corrected to a trading price of $0.00002811.
The fluctuations in Shiba Inu’s price are closely tied to the broader cryptocurrency market trends, notably following a major correction in Bitcoin’s value.
After reaching an all-time high of $73,750, Bitcoin experienced a downturn, currently trading at $68,321.
This movement reflects the volatile nature of the cryptocurrency market, where significant gains can be quickly followed by rapid declines.
The recent activities around Shiba Inu, from coin burning to price adjustments, highlight the dynamic and community-driven aspects of meme cryptocurrencies.
These events underscore the unique factors that influence the valuation and perception of digital currencies like Shiba Inu in the ever-evolving crypto landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
