Shibburn, the platform that provides updates on SHIB burning, has revealed data indicating a significant increase in the burning of Shiba Inu tokens. While the SHIB price has experienced a relatively modest rise, the notable increase in token burning has caught the attention of cryptocurrency enthusiasts.
The Shiba Inu crypto community has been consistently burning tokens in the past few days. The token burns can be interpreted as efforts by the Shiba crypto community to support the SHIB tokenomics.
SHIB Burning Report
According to data provided by Shibburn, as of today, November 24th, the platform has conducted a burning of 9.13 million SHIB, marking a significant increase of 128.37% in the burning rate.
The aforementioned increase in burning appears to be a concerted effort by the community to boost SHIB tokenomics. Additionally, the total amount of tokens burned from the initial supply at the time of writing is 410.662 trillion, with the circulating supply having a massive volume of 580.417 trillion.
Among the recent SHIB burning transactions, two notable transactions have not gone unnoticed by market participants. The first transaction, conducted approximately twelve hours ago, involved the burning of approximately 7.15 million SHIB by an unknown wallet address 0x60812…. The second transaction, conducted approximately twenty-four hours ago, involved the burning of 2 million SHIB by another unknown wallet address 0x74dec….
Shiba Inu Price Rises Amid Community Developments
As of the time of writing, the Shiba Inu price has experienced a noticeable increase of 1.23% in the past twenty-four hours and is currently trading at $0.00000821. Additionally, the trading volume has seen a significant decrease of 23.11% and currently stands at $94.83 million.
Furthermore, the token price has witnessed a 9.25% increase in the past 30 days, gaining significant momentum in the upward direction. These gains appear to be in line with the recent progress made by the Shiba community.
According to data provided by Shibarium, an L2 Blockchain network built on Ethereum for Shiba Inu, the total number of transactions on the network has surpassed 4 million, reaching another milestone. Additionally, there has been an approximate 15,000% increase in the number of SHIB wallets with a balance of 0 dollars compared to February 2021 data.
