Shiba Inu (SHIB) is once again garnering a lot of attention in the cryptocurrency universe as the SHIB community has been consistently burning massive amounts of tokens, with a significant increase over the last 24 hours on November 17th.
Following this, the Shiba Inu price witnessed an extremely marginal decline at the time of writing. Today’s price drop comes despite efforts by the SHIB community to build support for their cryptocurrency.
However, over the last seven days, SHIB price has sparked bullish sentiment in the broader markets as the token witnessed a minimal price increase.
According to the latest data released by Shibburn, 105.20 million SHIB tokens have been burned as of today. The token burn in question represents an increase of 1327% and crypto- attracts significant attention in the markets. Additionally, at the time of writing, the total number of tokens burned reached 410.66 trillion.
According to data presented by Shibburn, two massive transactions that burned a significant amount of SHIB, among others, caught the attention of crypto market enthusiasts. An unknown address, 0x75d9df1efe6d860218…, burned 100 million SHIB about 9 hours ago, while another unknown address, 0x46340b20830761efd3…, burned 1.5 million SHIB about 12 hours ago.
The massive burning of SHIB tokens occurred as a result of the Shiba Inu crypto community making efforts to upgrade SHIB tokenomics, causing scarcity while also increasing the value of the remaining tokens.
Meanwhile, according to ShibariumScan data, total transactions on the platform reached 3.95 million, approaching the 4 million mark.
Shiba Inu Price & Performance
Koinfinans.com As we reported, the Shiba Inu price has decreased marginally. The current SHIB price is worth $0.000008793, leaving yesterday’s price in the green.
However, unlike today’s price, meme coin Its price witnessed a weekly rise of 6.52% and a monthly rise of 24.41%. The price increase seen over the past week and month appears to be in line with the recent burning of a massive amount of SHIB tokens. This may indicate a positive outlook for the future of cryptocurrency.