SHIB Burn Rate Hits Record in May 2023

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If you thought Dogecoin was the hottest meme coin in town, think again. Shiba Inu (SHIB), the self-proclaimed Dogecoin killer, has been setting fire to its own tokens at an unprecedented rate in May 2023.

The Shib burn rate is the measure of how many SHIB tokens are destroyed or sent to a no-return address, making them scarcer and more valuable.

According to Shibburn, a website that keeps track of the SHIB burn frenzy, more than 5.5 billion SHIB tokens went up in flames in May 2023, with some transactions burning over a billion tokens each. The Shib burn rate hit a whopping 13,000% on May 2, when over 2 billion SHIB tokens were burned in one go. The Shib burn rate also soared by 26,450% on May 16, when another 3 billion SHIB tokens were burned in one shot.

The SHIB burn rate madness was mainly fueled by two factors: the mysterious wallet and the SHIB Super Store. The mysterious wallet is an unknown player that has been sending huge amounts of SHIB tokens to the dead wallet, burning over 39 million SHIB on May 21.

The SHIB Super Store is a community-driven project that sells stuff and services for SHIB tokens and burns a chunk of the income every week. The store burned over 10 million SHIB on May 21 and also gave away another 10 million SHIB to its customers.

Also read, When will Shiba inu hit $1

Shiba Inu Project Plans

The Shiba Inu project has three different tokens that serve different purposes: SHIB, BONE and LEASH. SHIB is the main token that serves as a community-powered currency for millions of users around the world. BONE is the governance token that lets the Shib Army vote on proposals and supports the ecosystem’s own Shibarium Layer 2 network. LEASH is a token that offers special perks to the ecosystem’s faithful supporters, such as rewards for providing liquidity on ShibaSwap and early access to the Shib: The Metaverse project.

The Shiba Inu project has gained worldwide recognition since its launch in late 2020, attracting celebrities, influencers and investors alike. The project aims to create a decentralized ecosystem that empowers its users and challenges the status quo of the crypto industry. By burning SHIB tokens, the project hopes to increase its rarity and price, as well as show its commitment to its vision and community.

Shiba Inu revealed its plan to launch Shibarium, a layer 2 scalability project, in 2023. The project aimed to boost Shiba Inu’s functionality and increase its price to become a top meme coin.

The Shib burn rate will certainly help in driving up the price in the long run.

Shiba Inu Price Analysis

Amidst the increase in Shib burn rate, SHIB is trading at around $0.00000859, with a 24h trading volume of $77.1mn. SHIB’s market cap is $5.1 billion, making it the 16th most valuable crypto asset by market cap.

Shib Burn Rate

On H4 timeframe level the price action of $SHIB is consolidating within the Horizontal Support and resistance level.

Currently the price action is respecting out support level from where we can expect the bounce back level.

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Harsh Panghal
Harsh Panghal

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