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Despite the recent turmoil in the cryptocurrency market, Shiba Inu (SHIB) continues to draw attention with an unprecedented increase in token burning activities within its community. Despite price fluctuations and a general downturn in the cryptocurrency market, the Shiba Inu community has intensified their efforts to burn SHIB tokens, leading to a significant increase in the token burning rate.
Shiba Inu’s Token Burning Rate Skyrockets
Shiba Inu’s SHIB has seen a notable increase in its token burning rate, with over 774 million SHIB burned in the last seven days, corresponding to an almost 200% increase. Data from Shibburn, a platform that tracks SHIB burning rates, reveals that the total token burning rate rose by 193.39% last week to 774.13 million SHIB. Additionally, Shiba Inu’s token burning rate increased by 489.87% in just the last 24 hours, reaching 19.34 million tokens. These developments have sparked discussions about the potential effects on SHIB’s price amidst the ongoing general market downturn.
The highest token burning transactions in the last 24 hours were recorded at 650 million, 61.9 million, and 25.85 million SHIB respectively. Since its inception, a total of 410.72 trillion SHIB has been burned from the initial supply, demonstrating the community’s ongoing commitment to reducing the token’s circulation. Despite this significant increase in token burning rates, the current circulating supply of the altcoin remains at 582.80 trillion SHIB.
The strategic implementation of the token burning mechanism aims to reduce circulating supply and increase the network’s value, leading to intense speculation within the cryptocurrency world, especially in the memecoin sector. The Shiba Inu community actively contributes to token burns, aiming to create scarcity and increase the long-term value of SHIB. This approach contrasts with traditional inflationary models and positions Shiba Inu as a unique player in the cryptocurrency world.
Shibarium Sees Upward Movement
In addition to high token burning activity, the Layer 2 network designed to support the Shiba Inu ecosystem, Shibarium, has seen a significant increase with daily transaction numbers approaching one million.
As of today, Shibarium’s total daily transaction count stands at 958.44 thousand, a significant increase from the 7.06 thousand transactions recorded at the beginning of April. This increase demonstrates growing investor interest and confidence in Shiba Inu’s ecosystem, highlighting the potential for further growth and adoption in the future.
Despite the notable increases in token burning rates and daily transactions on Shibarium, SHIB’s price is currently trading down 7.46% in the last 24 hours at $0.00002159. Additionally, the transaction volume in the last 24 hours has decreased by 11.83%, falling to $949.24 million. Data indicates that the altcoin’s price has dropped by approximately 25% over the last seven days.
