PuppyNet Launch Spikes SHIB Burn Rate By 1,318% | Bitcoinist.com
15 Mar 2023 7:00 PM
Almost half a billion SHIB tokens have been removed from circulation in 24 hours, spiking its burn rate. According to data from Shibburn, approximately 455...
- Approximately 455 million Shiba Inu tokens have been burned in the last 24 hours, a 1,322.79% rise in burn rate within a day.
- Shiba Inu is one of the tokens that have engaged in token burns to remove a large number of coins in circulation, thereby limiting supply and maintaining relevance.
- The high burn rate is likely due to the rise in network activity following the PuppyNet release.
- Token burns push the asset’s price by reducing the circulating supply, creating scarcity. However, Shiba Inu witnessed price declines over the past week.
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The article reports on the significant increase in the burn rate of Shiba Inu tokens, which is likely due to the launch of the Shibarium beta testnet, PuppyNet. While token burns are expected to push the asset's price by reducing the circulating supply, Shiba Inu has witnessed price declines over the past week. Overall, the sentiment of the article is neutral.
What is the reason for the high burn rate of Shiba Inu tokens?
What is the purpose of token burns in the crypto market?
What is Shibarium and PuppyNet?
Has the recent spike in burn rate reflected in SHIB's price?
What is the myth behind token burns, and does it apply to Shiba Inu's recent burn rate?