Shiba Inu Sees Massive Burn Rate Spike and Price Rebound

Shibburn data reveals that the Shiba Inu community has significantly increased the burn rate, with a remarkable 708% rise since yesterday morning. However, despite this impressive surge, the total number of SHIB tokens burned remains relatively low at 2,760,121. Most of this amount was transferred in a single transaction of 2,000,000 SHIB to an unspendable blockchain wallet. Another substantial transfer moved 500,000 SHIB to a dead wallet.

_{Source: Shibburn}

Shiba Inu Price Skyrockets

Over the past 24 hours, Shiba Inu, the second most popular meme cryptocurrency, has experienced a significant price increase of 25.88%. The price surged from $0.00001107 to $0.00001393.

This spike comes after the coin had been declining since Monday of last week, during which it dropped by 36%, from $0.00001726. Now, the coin has almost entirely recovered from this massive loss.

Shytoshi Kusama’s “Mask off” Tweet

On Sunday, Shytoshi Kusama, the enigmatic lead developer of the SHIB team, excited the Shiba Inu community with a tweet saying, “Mask off.” This tweet featured a Shiba Inu dog sitting in a car with the window down, a repost from the Huobi crypto exchange to mark the start of “National Dog Month.” Many enthusiastic followers interpreted this as a reference to Kusama’s recent public appearances. He attended major blockchain events in Japan, India, and the UAE, where he revealed himself to the community but wore two masks to conceal his true identity. In India and the UAE, top SHIB developer Kaal Dhairya joined him, also wearing a mask.

The Shiba Inu community has shown remarkable resilience, driving a substantial burn rate increase and recovering the coin’s value. As the cryptocurrency market trends upward, Shiba Inu continues to capture the attention of its dedicated followers.

We are on twitter, follow us to connect with us :- @FXCryptoNews
— FXCryptoNews (@FXCryptoNews) December 14, 2023

The intriguing actions and messages from its lead developers add to the community’s excitement and anticipation for the future.

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.