Shiba Inu (SHIB), a decentralized cryptocurrency, tightened its grip on the charts, flashing a bullish signal.
The crypto, demonstrating resilience and potential for future growth, is ranked within the top 20 crypto assets by market capitalization with SHIB’s current price belying the intriguing technical setup unfolding on its daily chart.
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As per market tracker Shibburn, the anonymous wallet transferred 1 billion SHIB tokens in a single transaction from a unique address to the official burn address. Post this, the Shiba Inu burn rate has experienced a staggering 8,470% surge.
According to a coincodex report, by January 2025, the cumulative worth of all the SHIB that has been burned exceeded $4.5 billion.
The reports said that the latest burn translation was valued at around $13,050, determined by SHIB’s market rate of $0.00001305 at that particular point in time.
Notably, the coin burning is a common practice in cryptocurrency to make the currency deflationary.
By burning the tokens of a particular crypto, excess circulation in the market is reduced substantially increasing its value and scarcity. These tokens are sent to a ‘dead wallet’ whose private key is unknown, implying that once a token is sent there, it is lost forever.
