The Shiba Inu community is experiencing a surge in market optimism following the recent burning of approximately 3 billion tokens. This event, reported in the weekly burn data released on Saturday, has sparked excitement among investors eager to see the meme coin reach new heights.
How Many Tokens Were Burned This Week?
Recent statistics from the Shibburn tracker indicate that the Shiba Inu community eliminated 2.83 billion tokens in the past week alone. This remarkable action led to a 60% increase in the weekly burn rate, with intraday data revealing a staggering 400% rise attributed to the incineration of 267.14 million tokens.
Are SHIB Prices Poised for a Climb?
The total supply of Shiba Inu has now decreased to 589.25 trillion tokens, which has created a favorable environment for price appreciation. As a result, the price of SHIB has risen by 5% in one day, currently trading at $0.00003156. The coin has also shown monthly and weekly increases of 68% and 16%, respectively, further fueling optimism among holders.
Shytoshi Kusama, the lead developer behind Shiba Inu, has hinted at the upcoming launch of the TREAT token, heightening interest in this new Ethereum-based asset. His comments indicate that activity in the Shiba Inu ecosystem is far from slowing down.
- The recent token burns are part of a deliberate strategy to limit supply and bolster demand.
- This initiative is fostering a positive market atmosphere and driving sustainable growth for SHIB.
- Ongoing developments and community engagement are essential for maintaining momentum.
In light of the continuous token burn efforts and forthcoming initiatives, the Shiba Inu market is set for promising performance. If these favorable trends persist, the value of SHIB is likely to experience further upward movement.