Shiba Inu While its price has remained stagnant for a while, the community has managed to increase its burn rate by a remarkable 326% in the last 24 hours. The community began to wonder whether the price would rise after these burnings.
Over the last 24 hours, Shiba Inu recorded a significant burn with 131,033,101 tokens burned in ten transactions. As reported by Koinfinans.com, this increase in token burns means an increase of 325.89% compared to the previous day.
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The four highest burn rates recorded among these transactions were 12,894,064, 100,776,829, 7,911,008 and 3,885,558 tokens.
Token burning is a deliberate strategy implemented by projects to reduce the circulating supply of a token, potentially increasing the value of the remaining tokens. The significant and ongoing burn rate of SHIB tokens underscores proactive token management by the project’s developers.
Achieving a 326% increase in burn rate compared to yesterday can be interpreted as a remarkable success for the Shiba Inu. This move looks set to have far-reaching impacts on SHIB’s ecosystem and position in the broader market.
The recent burn rate appears to have supported gains in the crypto price after trading near flatline early Thursday. Shiba Inu price increased by 1.24% to $0.00000735 as of writing, and its volume in the last 24 hours increased by 38.41% to $104.74 million.