Another 8.5 Billion SHIB Were Burnt, but Can It Cause Another Price Rally

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Last Updated on December 23, 2023 by Bitfinsider

The well-known meme cryptocurrency Shiba Inu (SHIB) has seen a price increase lately as a result of significant token burns. On Friday, December 22, 2023, SHIB recorded another major blaze on Shibarium. This transaction resulted in the burning of almost 8.4 billion SHIB tokens, the fourth burn via Shibarium. The most recent update is anticipated to provide a boost to the Shiba Inu price surge.

Shibburn claims that 8.47 billion tokens were observed to have been transferred from an unknown wallet, 0xc7d.., to a dead wallet in the most recent SHIB burn transaction. Nevertheless, in light of the significant burn on the previous day, the SHIB burn rate decreased by 1.12%.

After the most recent burn, Shibarium had reduced the amount of SHIB in circulation for the fourth time by using a sizable portion of its gas costs. 8.53 billion SHIB tokens, valued at around $90,000, were burned via Shibarium, as previously reported. The SHIB burn rate increased to 161,540.53% after this burn. It is anticipated that the increase in burn rate will accelerate the Shiba Inu price rally.

Additionally, on December 4 and December 16, when 8.24 billion and 8.61 billion tokens were burned, respectively, comparable burning were observed. The total amount of SHIB burns fueled by Shibarium in just 19 days was an astounding 33.85 billion. However, as of right now, 410.69 trillion SHIB tokens have been burned.

Other developments in Shibarium have coincided with the recent increase in SHIB burn. The number of transactions on the site has increased dramatically; recently, the daily total surpassed 7 million. Furthermore, the sum of all transactions is 168.48 million.

The SHIB price as of this writing is $0.0000187, up 2.64% from the previous Saturday, December 23. In addition, Shiba Inu’s market capitalization rose by 2.65% to reach $6.3 billion. Additionally, the dog-themed cryptocurrency’s 24-hour transaction volume increased by 30.42% to $254.55 million.

SHIB has increased in value by almost 9% over the past seven days despite a few tumultuous sessions. Meanwhile, the recent big SHIB burns on Shibarium drove the Doge-killer’s 1-month gains, which topped 31%.

How to buy or trade SHIB on ProEX

You can buy or trade SHIB on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade SHIB as a spot pair (SHIB/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade SHIB/USDT at ProEX Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.