Investing.com UK - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Shiba Inu Token Burn Rate Surges 60% As New Twitter CEO Shows Interest In Meme Coin

Published 15/05/2023, 14:14
© Reuters. Shiba Inu Token Burn Rate Surges 60% As New Twitter CEO Shows Interest In Meme Coin

Benzinga - Within the past 24 hours, two transactions saw a total of 12.87 million Shiba Inu (CRYPTO: SHIB) tokens burned, marking a 60.30% increase in the SHIB token burn rate.

What Happened: Over the last seven days, Shibburn, a Shiba Inu burn rate tracker, reported that a total of 1.7 trillion SHIB tokens have been burned in 20 transactions.

This significant token burn rate is a part of the Shibburn initiative to decrease the total supply of SHIB tokens, and it entails a deliberate and permanent removal of tokens from circulation, thereby reducing the token’s overall supply.

See More:The Art Of The Future: Lisa Ray’s TheUpsideSpace Bring NFTs To Center Stage

Why It Matters: The total amount of SHIB tokens burned now amounts to 410 trillion from the initial supply of 1 quadrillion SHIB, indicating that over 40% of the starting SHIB token supply has been burned.

The increase in burn rate comes as Linda Yaccarino, the newly appointed CEO of Twitter, has been spotted following the Shiba Inu meme coin on the social media platform.

Price Action: SHIB was trading at $0.00000891, up 1.01%, in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Investor Optimism: Analyst Says Buy King Crypto When ‘There’s Blood On The Streets,’ Predicts $35K Level

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.