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In a surprising turn of events, the Shiba Inu (SHIB) token burn has experienced an unprecedented surge, witnessing an impressive increase of over 400% in the past 24 hours. This development comes as the Shiba Inu community eagerly anticipates further gains in the value of the cryptocurrency.
Shibburn, a prominent tracker of SHIB token burns, has reported a staggering total of 5,316,694 SHIB tokens burned in the last 24 hours, accompanied by six transactions. This notable increase has propelled the burn rate to a remarkable 421.41%. As of the latest update, the current price of Shiba Inu stands at $0.00001033, marking a 1.12% uptick in the last 24 hours. Impressively, the token has surged by 23.99% in the last 30 days, adding to the optimism surrounding SHIB's performance.
Positive development for SHIB
This surge in the token burn rate indicates heightened activity within the Shiba Inu community, as holders actively participate in reducing the circulating supply of SHIB tokens. The burning mechanism, designed to contribute to the scarcity of the token, has become a key factor influencing the dynamics of Shiba Inu's price.
In a separate positive development, as previously reported by U.Today, Lucie, the official marketing expert of the Shiba Inu team, revealed that layer-2 network Shibarium has surpassed the impressive 150 million mark in overall transaction count. This achievement underscores the growing adoption and utilization of Shiba Inu's technological infrastructure.
The Shiba Inu community is buzzing with enthusiasm as these recent developments align with the cryptocurrency's upward trajectory. As the market continues to evolve, the Shiba Inu team and its community remain optimistic about the project's future prospects. The increased burn rate and the milestone achieved by Shibarium contribute to the positive sentiment surrounding Shiba Inu, and the community eagerly awaits further developments that may propel SHIB to new heights.
Dan Burgin
Alex Dovbnya