Shiba Inu, despite an 8% drop in price, has not escaped investor attention due to an increase in its burn rate. Particularly during this period, it was observed that Shiba Inu burns increased by over 2000%, reflecting the optimism held by investors and leading to increased speculation about potential positive price movements for SHIB. Additionally, statements that emerged yesterday also appear to have contributed to the activity around SHIB.
Shiba Inu Burns
According to data provided by Shibburn, which tracks Shiba Inu burns, the SHIB burn rate has increased by over 2000%, drawing all attention. In just the last 24 hours, more than 40.06 million SHIB tokens were burned.
Following these burns, two more significant burns of 20 million and 16.86 million took place, indicating an increase in transactions involving SHIB.
Despite over 410.72 trillion SHIB being burned since its inception, the circulating supply of SHIB still stands at a significant level of 582.87 trillion.
The Future of SHIB
Following recent developments, Robinhood announced that SHIB, along with several other cryptocurrencies, will be offered in the New York area, exciting SHIB investors.
For cryptocurrency users in New York, Robinhood announced that transactions involving SHIB, along with other cryptocurrencies like AVAX and COMP, can be conducted. The announcement is expected to contribute to a trust environment and support a recovery in SHIB’s price.
On the other hand, Shiba Inu’s recent decision to raise $12 million linked to TREAT utility and governance tokens shows its commitment to expanding supported programs and use cases.
Additionally, they seem to be aiming to develop a new privacy-focused layer-3 blockchain process and enhance the Shiba Inu ecosystem.
However, despite an increase in the burn rate in the last 24 hours, it should be noted that there was a 37.31% decrease in the weekly burn rate. Nevertheless, the recent increase in the burn rate, combined with development activities and listings, seemed to have drawn attention to the future of Shiba Inu.
As of this writing, the price of Shiba Inu has found buyers at $0.00002517 after a 7.87% drop. Additionally, the transaction volume has risen to $825.08 million following an 11.02% increase.
