Rivals of Dogecoin, FLOKI and Shiba Inu, Record Huge Increases in Burn Rate

The burn rates of Dogecoin rivals Shiba Inu and FLOKI have seen a significant spike over the last few days. Interestingly, the spikes in the burn rates of both of these meme coins are almost identical, raising questions of whether there is a coordinated effort going on to drastically reduce the available supply of both of these cryptocurrencies.

 

  1. Introduction:
  • Dogecoin competitors Shiba Inu and FLOKI witness a substantial increase in burn rates over recent days.
  • Similarities in the burn rate spikes raise questions about a potential coordinated effort to reduce the available supply of these meme coins.
  1. Shiba Inu Burn Rate Surge:
  • Shiba Inu’s burn rate experiences a remarkable 3,963% rise, following a 300% increase within 24 hours.
  • The acceleration continues with a more than 10x spike recorded on Wednesday, reaching a total of over 1.2 million tokens burned.
  • Despite the surge in burn rate, SHIB’s price remains unaffected, holding steady at $0.08.
  1. FLOKI Burn Rate Spike:
  • FLOKI, another Dogecoin competitor, also sees a surge in its burn rate, with 218 million tokens removed from circulation.
  • The burn initiative gains popularity, leading to a 600% spike in the burn rate, resulting in 57.766% of the total token supply being burned.
  • The current circulation of FLOKI tokens is only 42.234% of the total supply (4.22 trillion tokens).
  1. Market Impact:
  • Despite the increased burn rates, both Shiba Inu and FLOKI prices do not exhibit positive reactions.
  • Shiba Inu price remains at $0.08, and FLOKI succumbs to bear pressure, showing losses of 11.2% daily and 14.2% weekly.
  1. Conclusion:
  • The coordinated surge in burn rates prompts speculation about intentional efforts to reduce the supply of Shiba Inu and FLOKI.
  • Market prices, however, do not seem to be significantly impacted by the increased burn rates, suggesting independent operations.

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