Today, the burn rate of the Shiba Inu meme coin surged by almost 300% due to significant progress in Shibarium development. As a result, there has been an increase in the price of SHIB.
The meme coin Shiba Inu has been making significant strides recently, attracting attention from crypto enthusiasts worldwide. One particularly noteworthy achievement is the substantial surge in Shiba Inu’s burn rate observed today, February 20. This surge is fueling optimism among market participants, especially within the broader crypto market, regarding the prospects of the Ethereum-based meme coin.
Shiba Inu Burn Rate Surges by 298.21%
Recent data from the burn tracker Shibburn reveals a staggering 298.21% surge in the burn rate of the SHIB token. Over the past day, a total of 2.03 million SHIB tokens were incinerated, sparking significant interest among traders and investors in the crypto market. This surge in burn rate reflects ongoing efforts within the Shiba Inu community to enhance the tokenomics of SHIB and drive value for holders.
Despite heightened volatility in trading, the Shiba Inu coin traded in the green as of press time. This positive movement mirrors the impact of the surge in SHIB burn rate, indicating market optimism surrounding the meme coin. Derivatives data for SHIB also suggests an uptrend in the market, leading to speculation about its future performance.
Shiba Inu Community Drives Surge in SHIB Burn Rate
Data from Shibburn reveals a significant surge in the burn rate of the Shiba Inu (SHIB) token, with a staggering 410.708 trillion SHIB incinerated from the token’s initial total supply. This surge underscores the community’s commitment to reducing the token’s circulating supply, which currently stands at 581.424 trillion SHIB. The impact of the SHIB burn is evident in the reduced supply available in the market.
In tandem with the surge in burn rate, the Shiba Inu community has announced plans to introduce new features for Shibarium, the project’s Layer 2 solution. These innovations aim to facilitate SHIB burn and transactions on the network, as revealed in Shib magazine. This development has sparked optimism among investors, as it signals further advancements in Shiba Inu’s cryptographic ecosystem.
Upcoming Launches Boost SHIB Tokenomics
Additionally, the community has announced the upcoming launch of two new projects: KNINE and SHEboshi. KNINE will serve as the liquid staking derivatives token on Shibarium, while SHEboshi will be introduced as an ERC-404 semi-fungible token. These upcoming launches are expected to further enhance SHIB’s tokenomics and bolster its position in the crypto market.
The community’s efforts are reflected in Shibarium’s performance, with daily transactions reaching 3 million and the total value locked (TVL) nearing the $1 million mark, according to DeFiLlama data. This growing adoption of Shibarium underscores the optimism surrounding the token and its ecosystem.
Shiba Inu Price Movement and Market Analysis
As of the latest update, the price of Shiba Inu has experienced a marginal increase of 0.75% in the past 24 hours, currently trading at $0.000009871. The price chart indicates that the meme coin primarily traded in the green today, with some brief periods of trading in the red.
The recent upward movement observed in Shiba Inu’s price aligns closely with the surge in its burn rate, resulting in a reduction in the token’s supply. As more tokens are destroyed, the overall supply in circulation decreases, potentially driving up prices. Additionally, with recent advancements made by the Shiba Inu community, there is anticipation among crypto enthusiasts for further price increases in the near future.
Derivatives data for Shiba Inu also indicates a positive trend in the market, reflecting the jump in price. The open interest has risen by 2.69% to reach $29.51 million, while the trading volume surged by 51.94%, reaching $45.65 million. These metrics suggest increased activity and interest in Shiba Inu among traders, contributing to the bullish sentiment surrounding the meme coin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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