Shiba Inu Records 70% Burn Jump with 27 Million Tokens Burnt
Shiba Inu, a cryptocurrency that aims to rival Dogecoin, has caused a stir in the crypto market as it experienced a significant increase in its burn rate. The Shiba community burned a massive 27.28 million SHIB tokens in the past 24 hours, demonstrating their successful efforts to enhance SHIB tokenomics.
The price of Shiba Inu also saw a positive trend, aligning with the surge in burn rate. An announcement by Shytoshi Kusama, the lead developer of Shiba Inu, about an upcoming NFT launch has further fueled the meme coin’s upward momentum.
A Closer Look at SHIB Burn
According to data from Shibburn, the burn rate of Shiba Inu experienced a 70.68% increase on February 13, resulting in the destruction of 410.70 trillion SHIB tokens from the initial supply. This achievement has gained significant attention globally and showcases the community’s efforts to improve SHIB tokenomics.
The burning of tokens and transferring them to a dead wallet is an initiative by the community to address Shiba Inu’s crash, which was attributed to its large supply. By destroying a substantial amount of coins, the overall SHIB supply in the market has significantly reduced.
These developments have instilled optimism among crypto enthusiasts and contributed to today’s price jump.
Shiba Inu Price Surges
Currently, Shiba Inu’s price has witnessed a notable 3.37% increase in the past 24 hours and is trading at $0.000009614. Interestingly, the token reached as high as $0.9713 today, reflecting the community’s progress and the burning of approximately 27 million SHIB tokens.
This surge indicates the potential for the token to reach $0.00001 as the supply continues to decrease. The upcoming Sheboshi NFT announcement is also generating positive sentiments among traders in the crypto market, revolutionizing Shiba Inu’s venture.
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