{"id":19470,"date":"2024-11-11T10:43:12","date_gmt":"2024-11-11T10:43:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=19470"},"modified":"2024-11-11T10:43:12","modified_gmt":"2024-11-11T10:43:12","slug":"important-for-shiba-inu-shib-burn-rate-skyrockets-by-almost-2000-amid-recent-price-increase","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=19470","title":{"rendered":"Important for Shiba Inu (SHIB): Burn Rate Skyrockets by Almost 2,000% Amid Recent Price Increase"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu\u2019s price has reached a five-month high amid overall resurgence of the entire meme coin niche.<\/span>
\nCheck out some of the potential reasons fueling this significant rally.<\/p>\n

<\/a><\/h2>\n

SHIB on the Run<\/span><\/h2>\n

The second-largest meme coin \u2013 Shiba Inu (SHIB) \u2013 has been one of crypto\u2019s rockstars <\/span>lately<\/span>.<\/span> Its price has jumped by over 50% in the past week, currently trading at around $0.00002576. Several hours ago, it soared to $0.00002737, a level last observed in May this year. <\/span><\/p>\n

As of the time of writing, <\/span>SHIB\u2019s market cap is well above $15 billion, recently <\/span>flipping<\/span><\/a> Tron (TRX), whose capitalization <\/span>stands at<\/span> approximately $14.2 billion.<\/span>\u00a0<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Some of the most probable reasons leading to the asset\u2019s bull run include the overall resurgence of the crypto sector, the renewed meme coin mania, and Shiba Inu\u2019s burning program. <\/span><\/p>\n

Data <\/span>shows<\/span><\/a> that the burn rate has exploded by 1,837% in the past 24 hours, resulting in over 463 million tokens removed from circulation. The mechanism\u2019s ultimate goal is to reduce the <\/span>huge<\/span>\u00a0supply of SHIB, making it scarcer and potentially more valuable in time.<\/span><\/p>\n

The total amount of burnt tokens <\/span>since adopting the program<\/span> equals more than 410 trillion, meaning there are currently around 589 trillion in circulation.<\/span><\/p>\n

Additional Factor<\/span><\/h2>\n

Another element that might have positively impacted SHIB\u2019s price in the past few days is Shibarium\u2019s comeback. Daily transactions <\/span>processed<\/span><\/a> on the layer-2 scaling solution since the start of November have been in the millions.<\/span><\/p>\n

The total number of Shibarium transactions is now just south of the 500 million milestone, while total blocks stand at around 7.8 million.<\/span><\/p>\n

The protocol plays a pivotal role in enhancing the SHIB ecosystem. It reduces congestion on the network, leading to faster transaction speed and lower fees. <\/span>Additionally, it incorporates a burning mechanism, which, similarly to the one mentioned above, aims <\/span>at reducing<\/span> the circulating supply and potentially <\/span>driving<\/span> the SHIB price up.<\/span><\/p>\n

For more updates on the ecosystem, check out our\u00a0<\/span>Shibarium news page<\/span><\/a>.<\/span><\/p>\n

The post Important for Shiba Inu (SHIB): Burn Rate Skyrockets by Almost 2,000% Amid Recent Price Increase<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu\u2019s price has reached a five-month high amid overall resurgence of the entire meme coin niche. Check out some of the potential reasons fueling this significant rally. SHIB on the Run The second-largest meme coin \u2013 Shiba Inu (SHIB) \u2013 has been one of crypto\u2019s rockstars lately. Its price has jumped by over […]<\/p>\n","protected":false},"author":0,"featured_media":19471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19470"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19470"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/19471"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}