{"id":24689,"date":"2023-05-28T07:57:09","date_gmt":"2023-05-28T11:57:09","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=24689"},"modified":"2023-05-28T07:57:09","modified_gmt":"2023-05-28T11:57:09","slug":"shiba-inu-burn-rate-surges-1500-in-24-hours-yet-price-continues-to-struggle-in-red","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/28\/shiba-inu-burn-rate-surges-1500-in-24-hours-yet-price-continues-to-struggle-in-red\/","title":{"rendered":"Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red"},"content":{"rendered":"

While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE<\/a>, the latest update shows SHIB still has a strong community devoted to its growth.\u00a0<\/p>\n

In the last 24 hours, the SHIB community continues to fulfill its burning commitment<\/a> and surged SHIB\u2019s burn rate by more than 1500%. However, despite the surge in burn rate, SHIB has continued to struggle in the red.\u00a0<\/p>\n

Interestingly, the burn rate surge was executed via a single wallet burning 246.7M SHIB tokens.<\/p>\n

Shiba Inu Burn Rate Surges<\/h2>\n

According to data<\/a> from Etherscan.io, a wallet tagged \u201ccultpunks.eth\u201d has burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago.\u00a0<\/p>\n

In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%<\/a>, a result of the recent move made by \u201ccultpunks.eth.\u201d This marks the second time in the past 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15th, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in one transaction.<\/p>\n

The CultPunks team has committed to utilizing a portion of their raised funds upon sellout to burn SHIB tokens. In addition to this, they have also dedicated 1% of their funds to the ShytoshiKusama\u2019s fund, which aims to empower women in blockchain, and 2% to the buyback<\/a> and burn of CULT tokens.<\/p>\n

The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts.<\/p>\n

Despite the increase in the burn rate, the SHIB token price continues to struggle, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago.<\/p>\n

Price Action: Shiba Inu Downtrend<\/h2>\n

The SHIB token price has been in a downtrend in the past few days. With the meme coin struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.<\/p>\n

The downtrend in the SHIB token price<\/a> can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB.\u00a0<\/p>\n

Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB\u2019s price could get impacted hugely and record new highs<\/a> in the long run.<\/p>\n

\u00a0<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE<\/a>, the latest update shows SHIB still has a strong community devoted to its growth.\u00a0<\/p>\n

In the last 24 hours, the SHIB community continues to fulfill its burning commitment<\/a> and surged SHIB\u2019s burn rate by more than 1500%. However, despite the surge in burn rate, SHIB has continued to struggle in the red.\u00a0<\/p>\n

Interestingly, the burn rate surge was executed via a single wallet burning 246.7M SHIB tokens.<\/p>\n

Shiba Inu Burn Rate Surges<\/h2>\n

According to data<\/a> from Etherscan.io, a wallet tagged \u201ccultpunks.eth\u201d has burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago.\u00a0<\/p>\n

In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%<\/a>, a result of the recent move made by \u201ccultpunks.eth.\u201d This marks the second time in the past 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15th, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in one transaction.<\/p>\n

The CultPunks team has committed to utilizing a portion of their raised funds upon sellout to burn SHIB tokens. In addition to this, they have also dedicated 1% of their funds to the ShytoshiKusama\u2019s fund, which aims to empower women in blockchain, and 2% to the buyback<\/a> and burn of CULT tokens.<\/p>\n

The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts.<\/p>\n

Despite the increase in the burn rate, the SHIB token price continues to struggle, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago.<\/p>\n

Price Action: Shiba Inu Downtrend<\/h2>\n

The SHIB token price has been in a downtrend in the past few days. With the meme coin struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.<\/p>\n

The downtrend in the SHIB token price<\/a> can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB.\u00a0<\/p>\n

Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB\u2019s price could get impacted hugely and record new highs<\/a> in the long run.<\/p>\n

\u00a0<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24689","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24689"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24689\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24689"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}