Shiba Inu, often referred to as the rival of Dogecoin, has recently surged back into the limelight due to a substantial uptick in token burning activities. Data from Shibburn, a platform monitoring SHIB burn transactions, shows that the community has eliminated 27.28 million SHIB from circulation in the last day, which has corresponded with an uptick in the cryptocurrency’s market price.
Community Efforts Amplify SHIB Token Burns
The token burn rate for Shiba Inu has climbed by 70.68% as of February 13, resulting in an impressive total of 410.70 trillion SHIB withdrawn since its launch. This progress is viewed as a significant development in SHIB’s economic model and has garnered widespread attention in the crypto sphere. A notable event was the transfer of 25 million SHIB to a so-called dead wallet, which played a key role in the heightened burn rate.
The SHIB community has demonstrated a strong commitment to resolving the perceived issue of an excessive token supply by actively burning tokens. These efforts aim to enhance the coin’s scarcity and thereby reignite investor interest.
Positive Price Movement Accompanies Community Initiatives
Shiba Inu has experienced a price increase of 3.37% within the past day, reflecting the community’s burning strategies. The token reached a high of $0.000009614, partly due to the elimination of nearly 27 million SHIB from the market. This positive trend may continue towards a target price of $0.00001, especially as the circulating supply of SHIB shrinks further.
In addition to these developments, Shytoshi Kusama, the project’s lead developer, announced the upcoming launch of the ‘Sheboshi’ NFT collection, which has further buoyed the community’s spirits. This reveal is anticipated to contribute to a favorable turn in Shiba Inu’s narrative within the cryptocurrency ecosystem.