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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen its burn rate skyrocket by an astounding 172%, coinciding with a robust rebound in its market price.
The increase in the SHIB burn rate has resulted in a significant number of tokens being sent to a "dead" wallet, where they can no longer be accessed or traded.
According to the Shibburn X handle, a total of 5,221,667 SHIB tokens were burned in six transactions, representing a 172.16% increase in the burn rate.
Amid an increased burn rate, SHIB's price has shown a promising rebound. The token, which had been under pressure due to broader market conditions, has managed to claw back, delighting its holders with green figures once again. This price recovery is particularly noteworthy following days of lackluster trading action.
Tomiwabold OlajideAfter hitting a low of $0.00001837 on April 13, SHIB has largely fluctuated in a range between $0.0000205 and $0.00002386. Shiba Inu neared the lower end of the range, hitting lows of $0.0000208 in today's trading session before rebounding.
At the time of writing, SHIB was up 5% in the last 24 hours to $0.000232. The sudden uptick in buying pressure has propelled SHIB higher, reigniting investor optimism.
The resurgence in SHIB's price and burn rate can be partly attributed to recent market dynamics, including a broader recovery on the cryptocurrency market and increased trading volume, which have contributed to SHIB's upward momentum.
The rebound in SHIB's price and burn rate also comes at a time of growing excitement and anticipation within the Shiba Inu community, as developers continue to roll out new upgrades aimed at boosting the Shiba Inu ecosystem.
Shiba Inu layer 2 Shibarium has received a new UI update and has expanded wallet compatibility with MetaMask, Coinbase Wallet, Rainbow, Trust Wallet and Wallet Connect to let users connect in desired ways.
Shibarium has also been reworked from the ground up to prioritize the user experience and speed. Shibarium has also found a new home: a new website with the shib.io domain.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin