In the world of cryptocurrencies, Shiba Inu, often dubbed as the “Dogecoin killer,” is making headlines once again. The token’s price is on the rise, drawing attention within the crypto community.
This surge in value is attributed to the ongoing process of token burning, where a significant amount of Shiba Inu tokens are deliberately taken out of circulation. As a result, this reduction in the token supply is contributing to the recent price rally, creating excitement and interest among crypto enthusiasts.
Shibburn Platform Reveals Remarkable Surge in Shiba Inu Token Burning
Shibburn, a platform providing insights into SHIB burning activities, has recently unveiled data showcasing a significant increase in the burning of Shiba Inu cryptocurrency tokens. This surge in token burning has captured the attention of crypto enthusiasts, coinciding with a modest uptick in the SHIB price.
The Shiba Inu crypto community’s consistent efforts to burn tokens over the past few days indicate a proactive approach to bolstering support for SHIB tokenomics.
Shiba Inu Token Burning Surges by 128%: Community Boosts SHIB Tokenomics
As of November 24, Shibburn’s data highlights a remarkable 128.37% increase in the burn rate, witnessing the incineration of a substantial 9.13 million SHIB tokens. This surge aligns with the Shiba Inu community’s active endeavors to enhance the SHIB tokenomics. Currently, the total burnt tokens from the initial supply stand at 410.662 trillion, while the circulating supply is 580.417 trillion.
Two noteworthy burn transactions have garnered attention within the SHIB community. The first transaction, carried out by an unidentified wallet (0x60812..), burned approximately 7.15 million SHIB about twelve hours ago. The second transaction, executed by another unknown wallet (0x74dec…), incinerated 2 million SHIB roughly twenty-four hours ago.
Shiba Inu Price Marginally Rises Amid Active Community Developments
As of the latest update, Shiba Inu’s price has seen a modest uptick of 0.23% in the last twenty-four hours, settling at $0.000008189. However, there’s been a notable decline in trading volume, down by 23.11%, currently standing at $94.83 million.
Over the past month, the token has exhibited considerable momentum, achieving a growth of 9.25%. These gains align with recent strides made by the Shiba community. Shibarium, an Ethereum-based layer-2 (L2) blockchain network for Shiba Inu, reported a significant milestone: surpassing 4 million transactions on the network. Additionally, SHIB wallets holding a balance of $0 experienced a remarkable surge, boasting an approximate 15,000% increase compared to data from February 2021.
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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