The Shiba Inu (SHIB) token is currently experiencing a remarkable surge in token burning, surpassing 400% in the last 24 hours, fostering expectations of additional gains within the Shib community.
Shibburn, a tracker of SHIB token burns, reported a total of 5,316,694 SHIB tokens burned in the last 24 hours, accompanied by six transactions. This significant increase has propelled the burn rate to a notable 421.41%. In the latest update, the current price of the token stands at $0.00001033, marking a 1.12% increase in the last 24 hours. Impressively, the token has surged by 23.99% in the last 30 days, adding optimism to SHIB’s performance.
In the past 24 hours, there have been a total of 5,316,694 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/rMUNSzCxZh
— Shibburn (@shibburn) December 21, 2023
Additionally, its market capitalization has also increased by 1.1%, approaching the $6.1 billion mark, while its 24-hour trading volume has decreased by approximately 6%, settling just below $160 million.
This rapid burn rate reflects heightened activity within the Shiba Inu community, with holders actively participating in reducing the circulating supply of SHIB tokens. The burning mechanism, designed to contribute to the token’s scarcity, has become a key factor influencing the dynamics of the token price.
With Massive Adoption, the Shiba Ecosystem Is a Total Success
Moreover, the official marketing expert of the Shiba Inu team, Lucie, previously reported that the layer-2 network Shibarium has surpassed an impressive total transaction count of 150 million. This achievement underscores the growing adoption and utilization of Shiba Inu’s technological infrastructure.
The SHIB community is filled with optimism as these recent developments align with the cryptocurrency’s upward trajectory. As the market continues to evolve, the Shiba Inu team and its community remain optimistic about the project’s future prospects. The increased burn rate and the record achieved by Shibarium contribute to the positive sentiment surrounding the memecoin, and the community eagerly awaits new developments that may propel SHIB to new heights.
