Shiba Inumanaged to significantly increase its burns in the last 24 hours. While the SHIB price has been fluctuating for a while, the community continues to burn.
According to data released by Shibburn, a platform that displays SHIB token supply and burning dynamics, the Shiba Inu burning rate increased by 1146.71% in the last twenty-four hours, with approximately 122.10 million tokens burned.
At the time of writing, the total token burned from the initial offering is 410.66 trillion, while the current circulating supply stands at around 580.09 trillion tokens.
As Koinfinans.com reported, token burning continues to be carried out with great enthusiasm by the community in order to reduce the Shiba Inu supply. Although trillions of tokens have been burned to date, their impact on the price has been quite limited.
SHIB price is down 2.48% in the last 24 hours and is trading at $0.0000083. However, transaction volume increased by 61.05%, reaching $282.40 million. While the token witnessed a weekly increase of 7.38%, the price is mostly trading in the range of $0.083 to $0.085.
Robinhood recently announced plans to expand its services to Europe and the United Kingdom. This came alongside the introduction of a wallet that supports all assets, including Shiba Inu and Dogecoin.
Additionally, Shiba Inu’s private layer-2 blockchain Shibarium witnessed a phenomenal 3000% increase in its daily new contracts, depicting an upswing in the usage and growth of the network.