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Shiba Inu's Burn Rate Surges 332% as Community Burns 324 Million Coins, And Shib Adds 5.5K Holders Since June Start


thecryptobasic.com 14 June 2022 10:14, UTC
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Shiba Inu burning continues despite challenging market conditions while shib adds more holders as prices fall.

Shiba Inu’s “Burn Rate” Surges 332% over the past day as the Shiba Inu Community finds the falling prices of the popular dog-themed cryptocurrency a HUGE opportunity to burn. The Community has burned over 324.21 Million SHIB tokens in the past 24 hours.

SHIBArmy continues to burn the popular dog-themed cryptocurrency in millions daily, lowering Shiba Inu’s circulating supply.

On Monday, the widespread selloff in the global crypto market gained momentum. Shiba Inu dipped further to hit a new lower low price of $0.00000743 in the past 24 hours, creating the opportunity to burn more Shiba Inu at a low cost.

Shiba Inu Community is taking full advantage of discounted prices. According to the recent report from the SHIB Burn Tracking website, Shibaburn.com, the burn rate of the Dogecoin rival increased by 332% over the past day as Shiba Inu supporters destroyed a total of 324,211,278 (324.21M) tokens through fifteen separate transactions.

In the past 24 hours, there have been a total of 324,211,278 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) June 14, 2022

Conversely, top ETH whales are getting their hands on the world’s 17th most prominent cryptocurrency. As per the recent report, the key Ethereum investor named “BlueWhale0073” has scooped up a whopping total of 356.07 billion SHIB tokens, worth $3 million in one important transaction.

Besides this, Shiba Inu has gained a total of 5553 holders since the start of June. According to Etherscan.io, the total number of SHIB holders is currently 1,178,400 (1.17M). At the close of May, the count stood at around 1,172,847 (1.17M).

Impact on SHIB Price:

Despite all the positive developments in play, Shiba Inu could not retain its critical support level located at the $0.0000095 mark and dipped further below to hit a recent low of $0.00000743. At the time of writing, Shiba Inu is trading at the price of $0.000008447, up more than 6% over the last day, with a 24-hour trading volume of $702,322,959 ($702.32M).

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