Shiba Inu (SHIB), the leading memecoin operating on the Ethereum Blockchain, has once again seized the spotlight with a robust increase in its token burn rate amidst a general upswing in the market. According to Shibburn, a platform tracking token bmiroir terzo carhartt uk brandon aiyuk jersey converse blanche et doré mikrobølgeovn med grill og varmluft polaroid κάμερα nike air max 1 ultra moire black white ราคา billige matratzen air nike sneakers brandon aiyuk jersey youth cheap jerseys adidas yeezy shoes detske lyžiarske nohavice 134 140 kilpi predam tp link remote control aiyuk jerseyurns for Shiba Inu, a staggering 7.64 million SHIB tokens were incinerated in the last 24 hours, effectively reducing circulating supply and propelling the altcoin’s token burn rate to 191.69%.
Continued SHIB Burns
Data provided by Shibburn reveals that out of the total supply of 999.98 trillion Shiba Inu tokens, 410.70 trillion SHIB have been burned and removed from circulation at the time of writing. Two significant burn transactions conducted today played a pivotal role in the recorded increase in the token burn rate.
A wallet address commencing with 0xa9d1e08c7793af6… torched 4.01 million SHIB, while another starting with identical characters disposed of 3.60 million SHIB by transferring them to a dead wallet address, effectively eradicating them from circulation. These transactions significantly bolstered the token burn rate. Transfers to dead wallet addresses diminish the circulating supply of Shiba Inu, coinciding with today’s surge in SHIB’s price and piquing considerable interest among crypto market participants.
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Shibarium Activity Surge
Furthermore, the Layer 2 network of Shiba Inu, known as Shibarium, witnessed a substantial uptick in activity, with a total of 340.57 million transactions processed at the time of writing. The recent integration of LSD (Liquid Staking Derivative) K9 Finance has also garnered attention within the cryptocurrency market.
Expansion plans for Marswap, a decentralized exchange (DEX) on Shiba Inu’s L2 Shibarium, are bolstering the recovery of the Ethereum-based memecoin and instilling optimism in the altcoin’s future.
Rising SHIB Price
The price of Shiba Inu’s SHIB has surged by 1.59% in the last 24 hours, currently trading at $0.000009377. During the same period, its trading volume and market value also witnessed a substantial increase of 74.47% and 2.18%, respectively.
As evidenced by today’s surge in the token burn rate, Shiba Inu’s strategy of burning circulating tokens is part of a concerted effort to enhance SHIB’s tokenomics. This strategy is expected to further bolster the altcoin’s price in the medium to long term.
