Shiba Inu Burn Surges 1100% As SHIB Price Declines

Shiba Inu

Shiba Inu commands attention in the crypto sphere, emerging as the self-proclaimed “Dogecoin-killer.” The Shiba community’s recent data release reveals a significant surge in the burning of cryptocurrency tokens. 

Amidst the continuous fluctuations in SHIB token prices, the community has been tirelessly advocating for the enhancement of SHIB tokenomics. This concerted effort has increased the burn rate, reflecting the community’s commitment to shaping the token’s trajectory. 

Likewise, the proactive engagement of the Shiba community in addressing token dynamics underscores its dedication to fostering a sustainable ecosystem for the SHIB token.

Shiba Inu Token Burn: Quick Overview

Data unveiled by Shibburn, a platform tracking SHIB token supply and burn dynamics, gives an overview of the token dynamics. It reported a remarkable 1146.71% surge in the Shiba Inu burn rate over the past 24 hours, with nearly 122.10 million tokens burning. The cumulative burnt tokens from the initial supply now stand at 410.66 trillion, while the circulating supply currently amounts to 580.09 trillion tokens.

Hence, this token-burning surge aligns with recent initiatives by the SHIB crypto community to bolster SHIB tokenomics. Despite trillions of tokens being burnt, the resulting price surge of the SHIB token appears relatively subdued.

As of the latest update, Shiba Inu is trading at $0.0000083, reflecting a 2.48% decline. However, the trading volume has experienced a substantial 61.05% increase, reaching $282.40 million. The token has witnessed a weekly surge of 7.38%, with its price predominantly fluctuating between $0.083 to $0.085.

In recent developments related to the SHIB token, fintech firm Robinhood announced plans to extend its services to Europe and the United Kingdom, introducing a wallet that supports various assets, including Shiba Inu and Dogecoin.

Furthermore, Shibarium, Shiba Inu’s dedicated layer-2 blockchain, has witnessed a phenomenal 3000% increase in its daily new contracts. This surge indicates a significant uptick in the network’s utilisation and overall growth. This rise further underlines the expanding ecosystem surrounding Shiba Inu.

Read Also: Shiba Inu and Bitcoin Growth Signals Potential Bullish Momentum in the EU and UK as Robinhood Expands 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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