Shiba Inu Burn Rate Skyrockets Over 75% While SHIB Remains Trapped In Price Range

The burn rate of Shiba Inu SHIB/USD has experienced a spike of over 75% within the last 24 hours. In this timeframe, a staggering 49 million SHIB tokens have been permanently removed from circulation, data from Shibburn shows.

What Happened: This development comes as SHIB’s price has been relatively stagnant, failing to exhibit significant movement beyond the crucial support level at $0.0000070. 

The lack of volatility may persist as the Bitcoin BTC/USD market determines its next move. As SHIB’s price remains confined within a range and without a clear breakout, it is likely that this meme coin will not garner much attention in the near future.

Since September, the volume of SHIB tokens exchanged has seen minimal changes. While the price had the potential to rise when Bitcoin surpassed the $28,000 mark, this anticipated upswing failed to materialize.

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Why It Matters: A noteworthy milestone has been reached by the Shiba Inu development team as they approach the final stages of the renouncement process for the Bone ShibaSwap BONE/USD, Shibarium’s official token. Last week, progress was made towards renouncing BONE by introducing a temporary token named Calcium.

It should be emphasized that Calcium serves only the purpose of renouncing the BONE contract and should not be utilized for trading due to its lack of liquidity.

In the world of cryptocurrencies, the term “token burn” signifies the permanent elimination of coins or tokens from circulation by transferring them to a designated address incapable of initiating cryptocurrency transactions. 

Image via CryptoFX on Shutterstock

Price Action: At the time of writing, SHIB was trading at $0.0000072, up 0.06% in the last 24 hours, according to Benzinga Pro.

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