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When Shiba Inu is mentioned, everyone recalls the incredible surge it experienced at the end of the 2021 bull season. The meme coin, considered to be DOGE’s biggest competitor, possibly even its killer, continues to see developments within its ecosystem. In this context, there seems to be an incredible increase in the burn rate.
Current Status of SHIB
Shiba Inu, possibly the most important meme coin operating on the Ethereum network, caught the attention of global cryptocurrency markets on Tuesday following a notable increase in the token’s burn rate.
According to the market chart provided by Shibburn, known for tracking burned SHIB tokens, there was a 281.21% increase in the SHIB burn rate today, which resonated among crypto market participants.
In the last 24 hours, the Shiba crypto community has burned 6.64 million coins, and they seem to be adopting an increasingly optimistic mindset regarding their tokens.
Furthermore, Shiba Inu has rebounded from the critical support level of $0.0000085 and has taken a significant step towards potentially breaking through the $0.00001 region again.
Shiba Inu Burns
According to data provided by Shibburn, as of today, the number of tokens burned from Shiba Inu’s initial supply has reached 410.70 trillion. Despite having burned over 400 trillion coins, the current circulating supply still stands at 581.34 trillion.
The significant difference between the number of tokens already burned and the remaining tokens highlights the extraordinary efforts of Shiba Inu investors and followers to advance SHIB tokenomics.
While the community aims to reduce token supply through continuous burning of SHIB tokens, thereby hoping to trigger a jump in price and demand, there has been a price drop in Shiba Inu at the time of writing. Consequently, rumors among crypto traders and investors have also increased.
How Much is Shiba Inu Worth?
According to data provided by 21milyon.com, the price of Shiba Inu has experienced a 0.24% decrease in the last 24 hours and is trading at $0.000008888 at the time of writing.
SHIB’s 24-hour trading volume has also seen a 3% decrease at the time of writing, settling just above $68 million. Overall, SHIB’s market value appears to be just over $5 billion, facing a downturn in terms of volume.
