Benzinga – Popular memecoin Shiba Inu (CRYPTO: SHIB) witnessed a sharp spike in its burn rate over the last 24 hours. However, the deflationary pressure failed to push its price upward.
What Happened: A whopping 33.29 million SHIB tokens were kicked out of circulation, according to the official burn tracker, Shibburn, representing a 459% jump.
Burning happens when a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation permanently. This is done to create scarcity and boost its demand and market value.
As of this writing, more than 410.72 trillion SHIB tokens have been burned.
Price Action: That said, the deflationary pressure wasn’t enough to give a positive impetus to the price. At the time of writing, SHIB was exchanging hands at $0.00001799, following a 1.38% decline in the last 24 hours, according to data from Benzinga Pro.
The meme token has…
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