Despite the emergence of rival meme coins such as PEPE and LADYS, Shiba Inu (SHIB) has maintained its popularity. The development of Shibarium has advanced steadily, undeterred by these new competitors.
Although SHIB’s price has not grown substantially, the rate at which tokens are burned has consistently risen. As a noteworthy accomplishment, the community effectively burned over 50 million SHIB today, exemplifying their unwavering commitment to reducing the cryptocurrency’s circulating supply.
As reported by Shibburn, the Shib Army transferred around 50,188,691 SHIB tokens to a dead wallet. This substantial token movement led to an impressive increase of 8627.82% in the burn rate.
In today’s burn activity within the Shiba Inu ecosystem, a wallet of unknown origin and the SHIB Super Store played significant roles. The anonymous wallet executed a single transaction, burning a considerable amount of 39,511,911 SHIB tokens.
Related Reading: Shiba Inu: Shibarium Achieves Over 15 Million Puppynet Wallet Addresses
Meanwhile, the SHIB Super Store publicly announced its involvement in a community-driven burn initiative by transferring 10,676,779 SHIB to a dormant wallet. These notable burn contributions from both entities highlight the collaborative endeavor within the SHIB community. The primary objective behind these actions is to decrease the token supply and potentially enhance its scarcity.
Increased Burn Rate Still Not Enough To Stop Shiba Inu Holders From Incurring Losses?
Despite an increase in burns, the price of SHIB did not show any significant change. As of the latest update, the meme coin was traded at $0.000008816. Following a week of considerable losses, the asset experienced a slight 1.40% increase over the past 24 hours. However, the holders of SHIB were still facing difficulties.
According to data provided by IntoTheBlock, 81% of SHIB holders were experiencing losses, while only 16.36% were making profits based on the asset’s current price.