Ethereum Blockchain‘s most popular memecoin, Shiba Inu (SHIB), has sparked interest among crypto enthusiasts worldwide today. This surge in interest is due to a significant increase in the token burn rate, which was supported by removing a zero from SHIB’s price, surpassing the $0.00001 level.
SHIB Supply Withdrawn from Circulation Exceeds 410 Trillion
The recent increase in Shiba Inu’s token burn rate has attracted market-wide attention, coinciding with various advancements made by the Shiba Inu community to support the SHIB tokenomics, contributing to the upward momentum.
Coinglass‘s derivative data also reflects the prevailing uptrend, indicating a significant influx of new capital into the market. This capital flow points to optimism surrounding Shiba Inu and the potential for further price appreciation.
According to data from a platform that tracks SHIB burns, Shibburn, Shiba Inu’s token burn rate has increased by 59.89% in the last 24 hours, with 5.10 million SHIB tokens removed from circulation. With the latest token burns, SHIB’s circulating supply has dropped to 581.45 trillion tokens, while a total of 410.70 trillion tokens have been burned to date.
Rising Amid Speculations, Strong Collaborations, and Partnerships
With the ongoing depletion of the token supply, speculation about the launch of a spot Shiba Inu ETF in the medium term and other developments within the Shiba Inu community have increased market optimism for the altcoin. Recent announcements such as the K9 Finance collaboration and the SHEboshi launch, among other partnerships and initiatives, are also contributing to this positive atmosphere.
Looking at the price movement, SHIB has seen a significant increase of 6.14% in the last 24 hours, removing a zero from its price to rise to $0.00001023. This recent rise in the altcoin’s price is also supported by a notable increase in open interest and trading volume.
