The Shiba Inu Community Burn Sees a Surge
After a week of lackluster performance, the Shiba Inu community burn has gained momentum once again. The initiative to reduce the amount of SHIB tokens in circulation saw over 17 million tokens burned in just one day, marking a significant increase from the previous day’s figures.
Shiba Inu Burn Rate Up 90.56%
According to the Shibburn website, approximately 17.32 million SHIB tokens were burned in the last 24 hours, representing an 89.69% increase from the previous day’s burn figure of around 1.5 million. This resurgence in the burn rate indicates renewed community efforts to reduce the meme coin’s total supply.
The significant burn activity was observed in transactions conducted by addresses 0x92b53 and 0x811bee, which burned over 14.8 million and 1.3 million tokens, respectively.
The total weekly burn volume stands at 245.64 million tokens, which is still lower than the previous week’s figures by 20.44%.
Shibarium Growth Could Send SHIB Flying
In addition to the increased burn rate, there has been notable growth in activity on the Shiba Inu Layer 2 blockchain, Shibarium. The number of new blocks produced and new transactions has seen a significant rise, indicating growing interest and engagement with the network.
Despite a surge in various metrics, SHIB’s price dropped by 1.63% in the last day, trading at $0.000008523. However, it continues to see gains of 3.6% on the weekly chart, with a market cap of $5 billion, making it the 19th largest cryptocurrency.
Hot Take: Community Rallying Behind SHIB Burn Initiative
The recent surge in SHIB token burns reflects a renewed commitment from the Shiba Inu community to reduce its total supply. This heightened activity is supported by increased engagement with Shibarium and could potentially fuel further price gains for SHIB in the near future.
By
By
By
By