The Shiba Inu cryptocurrency has witnessed a notable surge in its token burn rate, coinciding with a broader market rally. Shibburn, a dedicated service for tracking the destruction of SHIB tokens, reported a sharp 191.69% increase in the burn rate with 7.64 million tokens incinerated in a single day, effectively reducing the digital currency’s total supply.
Intensified Burning Activities
As of the latest update, out of Shiba Inu’s immense total supply initially amounting to 999.98 trillion, a staggering 410.70 trillion have been eliminated from circulation. This magnitude of token destruction is partly due to two major burning transactions that occurred recently, drawing increased interest from the cryptocurrency community.
Distinct wallet addresses contributed to the heightened burn rate by sending 4.01 million and 3.60 million SHIB, respectively, to an unspendable wallet, thereby permanently cutting down the circulating supply. This strategic action was matched by a corresponding uptick in SHIB prices, sparking discussions and excitement among traders and investors.
In tandem with these developments, Shiba Inu’s Layer 2 network, Shibarium, is experiencing a surge in transaction processing, handling over 340.57 million transactions. The network’s recent collaboration with the Liquid Staking Derivative platform, K9 Finance, is also generating buzz among market participants.
Optimism Reflected in SHIB’s Valuation
The value of SHIB has appreciated by 2.75% in the past day, with the price per token now at $0.000009317. The cryptocurrency’s trading volume and market capitalization have similarly increased by 74.47% and 2.72%, respectively. This price movement and the proactive token burning suggest a positive influence on SHIB’s market standing, with expectations of further price improvements in the future.
The strategy to periodically burn tokens is a deliberate move by the Shiba Inu community to bolster the cryptocurrency’s economics, aiming to create scarcity and potentially drive up its value in the long run.