According to Shiba Archives, over 1,325,000 people worldwide now hold SHIB, the crypto token associated with the Shiba Inu project. The news comes after a surge in interest in the token, which has seen its value increase significantly in recent weeks.
The Shiba Inu project has also announced several new initiatives in recent months, including the launch of a decentralized exchange and a non-fungible token (NFT) marketplace. These initiatives have helped to increase interest in the project and have attracted even more investors to the SHIB token.
Shib burn rate drops, price rise
The burn rate of the Shiba Inu (SHIB) token has plummeted by a staggering 99.74% in the last 24 hours, according to reports. This sudden and significant decrease has left many investors scratching their heads and wondering what could be the possible reason behind it.
Whereas, Shiba Inu price has gone up by 5.13% in the last few hours. Each SHIB token is currently trading at 0.00001129 USD. The coin has gained over 9.54% in the last 7 days. However, the market cap has come down to 6.65 billion USD and trading volume drops by 36.93%.
Also read: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?
FUD surrounds Shibarium
The Shiba Inu project is a decentralized ecosystem that aims to offer users a platform to transact, stake, and participate in governance using the SHIB token. The burn rate of a cryptocurrency is the rate at which tokens are removed from circulation through burning. In the case of SHIB, tokens are burned through the ShibaSwap platform, which is a decentralized exchange built on the Ethereum blockchain.
Meanwhile, Shiabrium Beta had been made live on 11 March 2023. The much-awaited launch had been responsible for the recent spiking in the price of Shiba Inu, too. There has been a FUD surrounding the Shibarium blockchain that the developers of Shiba Inu have replicated Rinia, a separate project. These accusations contributed to the drop in prices of Shiba Inu a couple of days back.
Also read: 186 US Banks Face SVB Like Risk; Crypto Bull Run Ahead?
Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
This article has been originally published at: https://coingape.com/shiba-inu-burn-rate-drops-by-100-amid-holders-surge/