Burn Rate and Increased Attention
Shiba Inu, a popular meme coin built on the Ethereum blockchain, has experienced a significant surge in its burn rate. Over 410.7 trillion SHIB tokens have been taken out of circulation, grabbing the attention of crypto enthusiasts and investors. This has contributed to Shiba Inu’s growing prominence in the crypto ecosystem.
The increasing interest in the SHIB token has helped it stand out amidst the approval of spot Bitcoin ETFs by the SEC. Additionally, Shiba Inu’s community engagement and activity have significantly grown, as evidenced by Shibarium metrics.
Shiba Inu Burn Rate and Total Supply
In recent weeks, there have been multiple large burns within the SHIB landscape. Just days ago, the burn rate reached an astonishing 4250.91%, resulting in the incineration of millions of SHIB tokens.
This massive burn rate has effectively reduced the total supply of SHIB. Before the burn, the maximum total supply was 999,982,386,137,000 tokens. After burning 410,708,049,880,540 tokens, the ecosystem is now left with 581,291,545,266,594 tokens in circulation.
Currently, Shiba Inu is trading at $0.000009094 with a 0.35% gain in the last 24 hours. The token appears to be stabilizing after a period of drawdown.
Hot Take: Shiba Inu’s Burn Rate Surges, Attracting Attention and Boosting Prominence
Shiba Inu’s recent surge in burn rate has captured the interest of crypto enthusiasts and investors. With over 410.7 trillion SHIB tokens taken out of circulation, the coin is gaining attention within the crypto ecosystem. This significant burn rate has helped reduce the total supply of SHIB, solidifying its presence in the market. As Shiba Inu continues to stabilize and attract more engagement from its community, it will be interesting to see how its prominence evolves in the coming months.
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