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One of the most well-known meme coins operating on the Ethereum network, Shiba Inu, caused conjecture in the wider cryptocurrency market on Tuesday after seeing an extraordinary increase in burn rate. Hovering over the cryptocurrency horizon, on-chain data indicates that more over 36 million SHIB burned in the last day, attracting the attention of fans in the crypto market.
Furthermore, in line with the data, it also seems that the Shiba cryptocurrency community has supported initiatives to increase SHIB tokenomics. At the same time, the community burned more than 80 million SHIB on the previous day, which boosted market confidence.
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Report on SHIB Burns
Based on information released by Shibburn, a website that offers insights into Shiba Inus burning, the community on Tuesday, January 16 saw an enormous 1628% increase in burns over the previous day. Interestingly, statistics showed that 88.75 million SHIB were burned in total throughout the course of the previous day.
Furthermore, in relation to the currencies burned, it seems that the Shiba cryptocurrency community bears a disproportionate share of the blame for the fire. The community moved a staggering 34.24 million SHIB to a dead wallet today, according to the statistics, and then moved 52.39 million SHIB in a second transaction. This appears to have sparked a tsunami of conjecture throughout the cryptocurrency world.
Furthermore, the current circulating supply of Shiba Inu coins is 581.128 trillion, while the total number of coins burned from the initial supply is 410.707 trillion.
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Price Slips for Shiba Inus
As of this writing, the price of the Shiba Inu has slightly decreased by 0.43% over the last day and is now trading at $0.000009599. In addition, its market capitalization and volume of trade demonstrated significant decreases, falling by 0.50% and 8.45%, respectively.
The global speculating frenzy is sparked by the meme coin's depiction of a price decline in contrast to SHIB's burn rate increase.