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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu

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The recent surge in the Shiba Inu token burn has impacted the SHIB market again. Within 24 hours, over 341 million SHIB tokens were destroyed, sending the burn rate skyrocketing by roughly 6,936%. This development has bolstered the price of the popular meme coin as it continues an upward trajectory.

The Shiba Inu community, affectionately known as the SHIB Army, has since been consistent in its token-burning efforts, a move that has significantly influenced the SHIB market dynamics. The burning process, which involves sending tokens to an unusable address, effectively takes them out of circulation, reducing supply and increasing scarcity.

A Record Token Burn

Among the transactions contributing to this burn rate, address “0xcf6” took the lead, accounting for nearly 252.8 million SHIB tokens dispatched to a dead wallet, as per data from etherscan.io. The acceleration of the token burn represents a community effort, with 341 million SHIB tokens destroyed in a mere five transactions within a single day.

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This amount nearly equals 377 million SHIB tokens burned the previous week. Given supply and demand dynamics, this significant reduction in circulating SHIB tokens contributes to a higher token value in the long run.

Notably, the impact was swiftly observed in the price of Shiba Inu, which recorded a gain of 5.6% in the past 24 hours and nearly 20% over the past seven days.

The burn surge and its subsequent positive impact on the Shiba Inu price highlight the community’s power and commitment to their chosen crypto. While some critics dismiss meme coins like SHIB as lacking intrinsic value, the SHIB Army’s dedication and market dynamics seem to drive the price upward.

Shiba Inu Continues Uptrend

The SHIB token price has increased in the past few days, with the meme coin breaking multiple resistance levels. SHIB is trading at $0.00000791, up 19.6% over the past week. The token currently has a market capitalization of $4.6 billion, making it the 16th largest cryptocurrency by market cap.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

SHIB’s daily trading volume has also significantly moved in the past 7 days. Shiba Inu volume has surged from as low as $98 million last Thursday to as high as $300 million in the past 24 hours.

The uptrend in the SHIB token price can be attributed to the overall bullish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in an upward trend, positively impacting the prices of other cryptocurrencies, including SHIB.

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Shiba Inu Becomes 14th Largest Cryptocurrency As Bull Rally Heats Up

1 year ago

It is worth noting that the recent burn surge again sheds light on an essential aspect of tokenomics, the study of the economic systems related to cryptocurrency tokens. With less SHIB available, the token’s scarcity increases, theoretically increasing the token’s value over time.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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