{"id":224407,"date":"2024-01-05T22:48:32","date_gmt":"2024-01-05T17:18:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/can-2274-token-burn-spark-rally-crypto-news\/"},"modified":"2024-01-05T22:48:35","modified_gmt":"2024-01-05T17:18:35","slug":"can-2274-token-burn-spark-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/can-2274-token-burn-spark-rally-crypto-news\/","title":{"rendered":"Can 2274% Token Burn Spark Rally? – Crypto News"},"content":{"rendered":"

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Shiba Inu Price Prediction: Shiba Inu\u2019s (SHIB) price took a surprising route in the first trading days of 2024, defying expectations of a bullish start to the year. Additionally, the meme coin came close to confirming a significant bullish reversal technical pattern, heightening optimism for potential gains among cryptocurrency investors.<\/span><\/p>\n

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The Ethereum-based meme coin network Shiba Inu has seen a sporadic rise in its <\/span>token burn<\/span><\/a> rate in the past 24 hours, data from Shibburn reveals. The incineration, which is a collective effort by the meme coin\u2019s team and community, jumped 2,224% in the aforementioned period, following a recent slowdown in the burn rate. In that time, over 5 million Shiba Inu tokens were sent to dead wallets and effectively taken from circulation.\u00a0<\/span><\/p>\n

Token Burn Fuels Shiba Inu Price Speculations<\/strong><\/h2>\n

According to <\/span>data<\/span><\/a> from Shibburn, three wallet addresses spearheaded the uptick in the burn rate. In particular, wallet address 0xa9d1\u202667e9 incinerated 3 million SHIB in two transactions, while another wallet, 0x60812\u2026253d, burned 1 million SHIB.<\/span><\/p>\n

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HOURLY SHIB UPDATE$SHIB<\/a> Price: $0.00000981 (1hr -0.01% \u25bc | 24hr 2.41% \u25b2 )
Market Cap: $5,787,466,397 (2.60% \u25b2)
Total Supply: 589,301,781,228,909<\/p>\n

TOKENS BURNT
Past 24Hrs: 5,203,527 (2274.64% \u25b2)
Past 7 Days: 377,996,785 (-95.66% \u25bc)<\/p>\n

\u2014 Shibburn (@shibburn) January 5, 2024<\/a><\/p>\n<\/blockquote>\n

The recent rise in the burn rate underscores continued efforts by the SHIB team and community to constrict the token\u2019s supply. Expectations are that a reduced supply of SHIB, alongside other community endeavors, will help drive up the value of the meme coin.<\/span><\/p>\n

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Meanwhile, the rise in burn rate coincides with an uptick in daily transactions on the layer-2 network Shibarium. Transactions on the network slumped following a Bitcoin-led flash crash earlier this week. At the time of press, the daily transactions on Shibarium stood at 6.19 million. Overall, the layer-2 blockchain has recorded over 256 million transactions and registered around 1.3 million wallet addresses.\u00a0<\/span><\/p>\n