Shiba Inu community increased the SHIB burn rate by 708% in the last 24 hours. However, the total amount of meme coins burned is still relatively low, with only 2,760,121 SHIB burned. Almost all of this amount was transferred to unusable Blockchain wallets. The largest transfer included 2,000,000 SHIB, while the second-largest transfer moved half a million SHIB to the dead wallet.
Shiba Inu Price on the Rise
In the last 24 hours, SHIB recorded a significant price increase. SHIB gained 25.88% in value, rising from 0.00001107 to 0.00001393. This price increase came after a 36% drop SHIB experienced since last week. This significant price loss has been almost entirely compensated.
On Sunday, the mysterious lead developer of the SHIB community, Shytoshi Kusama, posted a tweet that excited the community. Kusama tweeted “Mask off” to the SHIB community. This tweet was actually a repost of a photo of a Shiba Inu dog looking out of a car window, symbolizing the start of “National Dog Month,” published by the Huobi crypto exchange.
Many excited commentators interpreted this tweet as a reference to Shytoshi Kusama‘s recent increase in visibility. Kusama introduced himself to the community by attending major Blockchain events in Japan, India, and the UAE. However, he wore two masks to conceal his true identity. In India and the UAE, he was seen masked alongside the top SHIB developer Kaal Dhairya.
Bitcoin and General Market Impact
Bitcoin’s recovery generally creates a positive effect in the cryptocurrency market. With Bitcoin’s rise, other altcoins also gain value, and Shiba Inu is significantly benefiting from this situation. Parallel to the general green trend of the market, a noticeable increase in SHIB price is observed.
Thanks to the intense efforts of the SHIB community and the impressive leadership of Shytoshi Kusama, Shiba Inu is receiving significant attention. The increase in token burn rate and the rise in SHIB price have created great excitement within the community. In the coming period, SHIB has the potential to rise further, depending on the general trend of the market.
