Known as the “Dogecoin killer,” Shiba Inu has come back into the spotlight with a significant increase in its token burn rate. According to the latest data from Shibburn, a platform that tracks SHIB burns, the Shiba Inu community has burned 27.28 million SHIB in the last 24 hours, continuing to improve the altcoin’s tokenomics. Concurrently, Shiba Inu’s price has risen into positive territory in line with the increased burn rate.
SHIB Burns Forge Ahead with Community Support
According to Shibburn’s data, Shiba Inu’s token burn rate showed a significant increase of 70.68% on February 13, leading to approximately 410.70 trillion SHIB being removed from circulation since the token’s initial supply. This achievement has attracted the attention of the crypto world as a tremendous step in improving SHIB’s tokenomics. Particularly, the recent transfer of 25 million SHIB to a dead wallet address has contributed significantly to today’s increase in the token burn rate.
The act of burning tokens by sending them to a dead wallet address underscores the community’s determination to address the shortcomings they see in Shiba Inu, especially the high supply issue in circulation attributed to past sharp downtrends. As a result, the community has been making significant efforts to reduce the SHIB supply and thereby revitalize investor sentiment.
Moreover, the announcement by Shiba Inu’s lead developer, Shytoshi Kusama, regarding the ‘Sheboshi’ NFT and the indication that the eagerly anticipated NFT collection will be launched soon has further increased excitement within the Shiba Inu community.
The Current State of Shiba Inu’s Price
Currently, Shiba Inu’s price has seen a notable increase of 3.37% in the last 24 hours, trading at $0.000009614. In particular, the token reached $0.9713 during the day, reflecting the community’s actions and the burning of approximately 27 million SHIB from circulation.
This trend is setting the stage for a potential rise towards $0.00001 as the circulating SHIB supply continues to decrease. Additionally, the upcoming Sheboshi announcement is fostering positive sentiment among participants in the crypto world, heralding a new phase in Shiba Inu’s journey.