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▲ Shiba Inu (SHIB)/ChatGPT generated image
Shiba Inu (SHIB) is showing aggressive deflationary behavior by rapidly reducing its circulating supply, recording a record-breaking burn rate of over 700% in a single day.
Anand Sinha, a reporter for the cryptocurrency specialized media TheStreet, reported on April 25 (local time) that Shiba Inu's token burn system has seen an unprecedented surge, boosted by active trading. Citing data from Shibburn, a virtual asset burn tracking platform, the Shiba Inu burn rate has skyrocketed by over 700% in the last 24 hours.
Through this burn, over 23.62 million SHIB were permanently removed from the circulating market in one day. The amount burned in the last 30 days totals 232.81 million SHIB. The Shiba Inu ecosystem has burned a total of 410.83 trillion SHIB to date, successfully removing 41.08% of its initial supply.
Shiba Inu's market capitalization currently stands at $3.67 billion, maintaining its 30th position in the overall cryptocurrency market. Experts analyze that the strategy of intentionally reducing supply to increase scarcity acts as a key mechanism to defend against price declines. Despite a slight price drop due to the overall market downturn this year, strong community support remains.
Optimistic outlooks from investors are also prevalent in the futures market. In the last 24 hours, approximately $3,400 worth of short positions were liquidated, while long position liquidations amounted to only $265.46. This is a significant figure suggesting that many investors are betting on the upward potential of Shiba Inu's price in the future.
Currently, the total market capitalization of the global memecoin market is $37.4 billion, demonstrating consistent influence. Shiba Inu's record-breaking burn streak is expected to strengthen the asset's intrinsic value and serve as a stepping stone for a long-term rebound.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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