Shiba Inu: 673 million tokens burned in 30 days, one percent of supply would take 714 years

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: 589,876 SHIB were burned in 24 hours, worth roughly three dollars. What that means for circulating supply, and why percentage figures on the burn rate mislead.The record shows this: over the past 24 hours, 589,876 Shiba Inu were transferred to the project's public burn addresses, worth roughly three dollars. Our assessment follows further below: that pace is not enough to shrink the circulating supply noticeably any time soon, which means the burn currently carries no weight as an argument for a rising price. The price stood at $0.00000492 on Thursday evening, 5.6 percent below the previous day. That is the lowest daily reading of the past 30 days. The $0.0000050 level we wrote about yesterday gave way in the course of the day. Three dollars in 24 hours: what the burn actually achieves Shiba Inu's burn addresses are public, and every transfer to them can be counted one by one. Over the past 24 hours, 589,876 SHIB landed there. At Thursday evening's price that is about ...