The popular altcoin known for its vibrant community, Shiba Inu (SHIB), has once again caught the attention of crypto enthusiasts worldwide with a significant increase in its token burn rate. According to data provided by the Shibburn platform, which tracks the altcoin’s token burns, SHIB’s burn rate has increased by 4,205% in the last 24 hours.
About 86 Million SHIB Tokens Burned and Removed from Circulation in the Last 24 Hours
Following a notable price drop, the Shiba Inu community continues its efforts to support the altcoin’s tokenomics by burning approximately 86 million SHIB tokens in the last 24 hours. The ongoing token burns for SHIB aim to reduce the altcoin’s circulating supply and ultimately help stabilize and potentially increase its price.
Despite the increase in the token burn rate, Shiba Inu’s price has not reflected the community’s efforts. As of the latest update, SHIB is trading in the red, moving in the opposite direction of the increasing token burn rate. In addition, the number of daily transactions on Shibarium, the Layer 2 network associated with Shiba Inu, has decreased contrary to the latest developments within the community.
The increase in SHIB’s token burn rate is associated with a notable transaction where 85.01 million tokens were transferred from an unknown wallet address to a dead wallet address. Although this significant token burn activity has contributed to reducing SHIB’s circulating supply, it has not yet translated into the anticipated upward momentum for the altcoin’s price.
Despite Strong Token Burn Rate, SHIB’s Price Declines
Despite recent developments in the Shiba Inu ecosystem, including the launch of SHEboshi and improvements on Shibarium, the altcoin’s price continues its downward trend. However, with ongoing SHIB burns and the introduction of new features, there is speculation about a potential price rally in the near future.
Current data shows that Shiba Inu’s SHIB price has seen a 2.28% decrease in the last 24 hours, trading at $0.000009496. Nonetheless, with the community’s ongoing efforts towards SHIB burning and recent developments in the ecosystem, there is optimism for a potential upward trend, and expectations remain for the altcoin’s price to rise in the coming days.
