/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
While the Shiba Inu (SHIB) token appears to be competing with another currently promoted coin called MEME pepeThe latest updates show that SHIB still has a strong community dedicated to its development.
In the last 24 hours, the SHIB community continues to live up to its fiery commitment And the burn rate of SHIB increased by more than 1500%. However, despite the jump in burn rate, SHIB has continued to struggle in the red.
Interestingly, the burn rate surge was executed through a single wallet burning 246.7M SHIB tokens.
Shiba Inu Burn Rate Surges
According to statistics From etherscan.io, a wallet tagged “cultpunks.eth” has burned a staggering 246.74 million SHIB in a single transaction made about four hours ago.
In the past, the overall Shiba Inu burn rate has been Skyrocketed 1549.47%, is the result of a recent move by “cultpunks.eth”. This marks the second time in the last 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in a single transaction.
The CultPunks team has committed to using a portion of the money they collect when they sell SHIB tokens to burn. In addition, they have also dedicated 1% of their funds to Satoshi Kusama’s Fund, which aims to empower women in blockchain, and 2% to buy back And burn the Cult token.
Cultpunks is a set of 10,000 exclusive and randomly generated NFTs, launched on Modulus through a partnership with NFT marketplace SoupCy. These NFTs were created on April 15th, 2023 and have become increasingly popular among NFT enthusiasts.
Despite the increase in the burn rate, the price of the SHIB token continues to struggle, and the cryptocurrency remains in the red. This is in stark contrast to the price rally experienced by the coin a few weeks back.
Price Action: Shiba Inu Downtrend
The price of SHIB token has declined in the last few days. Meme Coin is struggling to stay above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.
decline in SHIB token price This can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies including SHIB.
Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more important tokens being destroyed over time, the price of SHIB could be greatly affected and record new high in the long run.
Featured image from Unsplash, chart from TradingView
[ad_1]
While the Shiba Inu (SHIB) token appears to be competing with another currently promoted coin called MEME pepeThe latest updates show that SHIB still has a strong community dedicated to its development.
In the last 24 hours, the SHIB community continues to live up to its fiery commitment And the burn rate of SHIB increased by more than 1500%. However, despite the jump in burn rate, SHIB has continued to struggle in the red.
Interestingly, the burn rate surge was executed through a single wallet burning 246.7M SHIB tokens.
Shiba Inu Burn Rate Surges
According to statistics From etherscan.io, a wallet tagged “cultpunks.eth” has burned a staggering 246.74 million SHIB in a single transaction made about four hours ago.
In the past, the overall Shiba Inu burn rate has been Skyrocketed 1549.47%, is the result of a recent move by “cultpunks.eth”. This marks the second time in the last 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in a single transaction.
The CultPunks team has committed to using a portion of the money they collect when they sell SHIB tokens to burn. In addition, they have also dedicated 1% of their funds to Satoshi Kusama’s Fund, which aims to empower women in blockchain, and 2% to buy back And burn the Cult token.
Cultpunks is a set of 10,000 exclusive and randomly generated NFTs, launched on Modulus through a partnership with NFT marketplace SoupCy. These NFTs were created on April 15th, 2023 and have become increasingly popular among NFT enthusiasts.
Despite the increase in the burn rate, the price of the SHIB token continues to struggle, and the cryptocurrency remains in the red. This is in stark contrast to the price rally experienced by the coin a few weeks back.
Price Action: Shiba Inu Downtrend
The price of SHIB token has declined in the last few days. Meme Coin is struggling to stay above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.
decline in SHIB token price This can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies including SHIB.
Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more important tokens being destroyed over time, the price of SHIB could be greatly affected and record new high in the long run.
Featured image from Unsplash, chart from TradingView
