- The Shiba Inu community took advantage of the meme coin trend to enhance both the burn rate and the number of individuals holding Shiba Inu.
- In the span of this week, the Shiba Inu community successfully burned over 2.9 billion SHIB tokens.
SHIB News: The burn rate of Shiba Inu experienced a remarkable surge of more than 1450% in the past day following a substantial burn of SHIB tokens. The Shiba Inu community took advantage of the meme coin trend to enhance both the burn rate and the number of individuals holding Shiba Inu.
In the span of this week, the Shiba Inu community successfully burned over 2.9 billion SHIB tokens. However, despite this significant achievement, the price of SHIB has not displayed any significant movement compared to other meme coins that have witnessed high trading volumes. Many people are of the opinion that it is now crucial to initiate a rally for SHIB.
Shiba Inu Burn Rate Skyrockets as Sentiment Soars
According to data from the Shibburn portal, a total of 231,886,112 SHIB tokens were burned across eight transactions within the past 24 hours. This significant burn activity resulted in a nearly 1500% increase in the SHIB burn rate.
The majority of the burned tokens originated from two wallets. One prominent Shiba Inu wallet contributed to the burn by incinerating 200,583,666 SHIB tokens, while another wallet burned 16,324,455 tokens. As a result, the circulating supply of SHIB has decreased to 574.86 trillion, although it remains relatively high.
Shibburn recently announced its plans to launch a website in June, aiming to further enhance the burn rate. The website will continue to track SHIB burns while introducing various tools to facilitate the burning process. Additionally, users will have the opportunity to earn SHIB through an affiliate program and a web3 advertising system.
In other news, the lead developer, Shytoshi Kusama, along with an admin from the Shibarium telegram group, hinted at the potential launch of the Shibarium mainnet around August.
Positive News Sparks Speculation of SHIB Price Rally
Throughout this week, Shiba Inu remained relatively stagnant, experiencing a sideways movement in its price. In the month of May, it recorded a decline of 15%. This decrease can be attributed to the rising popularity of the PEPE meme coin and investors redirecting their attention towards other meme coins.
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SHIB price currently trades at $0.0000087. The 24-hour low and high are $0.0.00000870 and 0.00000889, respectively
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