Shiba Inu Token Burn Rate Soars Over 1,200%: Price Eyes Upside

Shiba Inu Token Burn Rate Soars Over 1,200%: Price Eyes Upside

In a remarkable turn of events, the Shiba Inu (SHIB) community celebrates a significant surge in token burning for the popular meme coin. Data from Shibburn tracking service indicates a staggering increase of 1,342.14% in the burn rate of SHIB within the past 24 hours alone. Moreover, over 56 million Shiba Inu tokens have been sent to inactive addresses during this period.

Shiba Inu Community-Driven Token Burn

Shiba Inu, ranked the second-largest meme coin by market capitalization, heavily relies on its token burn mechanism. With a substantial circulating supply, such large-scale token burn events become instrumental in optimizing the coin’s supply efficiency. Reducing SHIB’s total supply remains crucial for maintaining its deflationary nature. Consequently, the Shiba Inu community actively participates in these token burn events. 

According to Shibburn data, the community has successfully burned an impressive 423.3 billion tokens from the initial supply. Presently, the circulation supply of Shiba Inu stands at 591.7 trillion tokens.

Related article: Shiba Inu (SHIB) Recreates Its 2021 ATH Surge: A Strategic Analysis

Bullish Momentum Gains Traction

Notably, significant token burns like the recent surge witnessed today inject bullish momentum into the Shiba Inu price. Although massive price rallies may not be immediately evident, token burn events often lead to notable gains in the price of SHIB. Currently, Shiba Inu is trading at $0.00003213, marking a 6.25% increase in the last 24 hours. While these gains appear modest, a broader perspective unveils a rather astonishing trend. Recent data from CoinMarketCap reveals that SHIB’s price has surged by approximately 192.36% over the past 30 days.

Source: CoinMarketCap

Amidst Meme Coin Resurgence

This substantial monthly rally for Shiba Inu coincides with the ongoing meme coin bull run, where various meme-based currencies have experienced remarkable gains. Spearheaded by Dogecoin (DOGE) and SHIB, the leaders of this resurgence, meme coins have defied expectations and regained investor confidence. This resurgence has revitalized interest in meme coins and set new standards within the industry.

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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