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According to new information distributed by monitoring site Shibburn, the Shiba Inu community has significantly reduced the number of SHIB meme tokens in circulation over the past twenty-four hours. The last 24 hours saw 1,500,225 $SHIB burned in a single transaction.
Nevertheless, even though the percentage has increased quite a bit, the number of meme coins that have been burned leaves a lot to be desired. During this period, SHIB has worked hard to increase its price to today, having recorded 1.12 billion tokens burned at the end of January 2023.
The burning rate of SHIB has increased by 502%.
The circulation speed of shiba inu coins transferred to the deadlock wallet has shown an increase of around 502%. However, the number of SHIBs that will be removed from circulation in this way is only the equivalent of 6,010,896 dog tokens.
To burn tokens, you must transfer them to a wallet that can no longer be used. Because of this, they are permanently removed from the available resource pool. In this way, tokens can become scarcer, resulting in a sizeable increase in price.
According to on-chain data tracker website WhaleStats, shiba inu occupy two important spots for the best whales on Ethereum. Currently, ethereum is the most traded token, and the shiba inu is the largest currency in terms of value in US dollars.
The 100 whales with the most ETH currently control a total of $631,233,793 worth of SHIB between them. The currency depicting a dog is now in third place on their list of assets, behind ETH and USDT, both of which are in first and second respectively.
What does the graph say?
According to CoinMarketCap, the price of SHIB is currently on an uptrend and has experienced a price increase of 1.1% in the previous twenty four hours since this article was written.
At the time of writing, trading volume had increased by 51.7% over the previous twenty-four hours, bringing the total to $633,683,204. There are 549,063,278,876,302 SHIB outstanding, and the SHIB has a fully diluted market capitalization of $7,388,921,001. This represents a growth of 0.7% over the last twenty four hour period.
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