Shiba Inu Burn Rate Jumps 5545%: How It’s Impacting Shib’s Price

In the past 24 hours, the meme coin market has grown by 4.1%, with Shiba Inu, the second-largest meme coin by market cap, rising by 3.2%. Even more notable, Shiba Inu’s burn rate has soared by a remarkable 5545.73%.

What’s behind this increase, and how is the token burn impacting SHIB’s market? Let’s take a closer look.

SHIB Community in Action

In just one day, the SHIB community burned an impressive 61,468,595 SHIB tokens. This led to a massive 5545.73% spike in the burn rate. The burn was carried out through seven transactions that sent SHIB tokens to unspendable wallets.

According to data from Shibburn, the largest of these burns involved 48,266,929 SHIB tokens, with other significant burns including 6,008,171 SHIB and 3,939,558 SHIB tokens.

SHIB Price Action: Surge and Decline

SHIB’s price has had its ups and downs this month. On November 1, it was priced at $0.00001790. By November 4, it dropped to $0.00001687. However, from November 5 to 11, the price shot up by 65.12%, reaching $0.00002789. November 10 saw a massive 27.04% surge in a single day. On November 14, the price slipped back to $0.00002341, but since then, it’s fluctuated between $0.00002343 and $0.00002593.

Yesterday, the SHIB price witnessed a notable surge of nearly 5.58%. However, today, at the time of writing, the price has so far dropped by 1.55%.   

Want to know where SHIB is headed next? Read Shiba Inu price prediction for insights on its future market trends and potential growth!

A Message from SHIB’s Marketing Lead

In a recent message to the SHIB community, Lucie, the marketing lead for Shiba Inu, encouraged the community to focus on organic growth, rather than relying on promotions or influencer-driven hype. She emphasized patience and commitment, urging the community to stay clear of “bad actors.”

In conclusion, the SHIB community’s efforts to burn tokens reflect their dedication to improving the ecosystem. Despite price volatility, Lucie’s call for patience and focus on building provides a guiding light for the community. 

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