Surprisingly, the popular meme coin Shiba Inu (SHIB) has made a remarkable comeback. Over the last 24 hours, the burn rate of SHIB tokens has increased by a staggering 1,000%, reigniting optimism in the SHIB community. Here are the details…
Shiba Inu killing rate increased
According to data provided by Shibburn, the burning rate of Shiba Inu tokens has increased by an incredible 1,000% in the last 24 hours. This remarkable increase resulted in approximately 178.39 million SHIB tokens being burned during this period. The SHIB community has made 53 transactions aimed at permanently removing a significant number of tokens from circulation. Specifically, the four highest transactions accounted for 19.19 million, 17.39 million, 10.74 million and 10.64 million tokens, respectively. Despite this significant increase in burn rate, the circulating supply of SHIB tokens has remained relatively stable at around 579.7 trillion. However, with the recent burns, a total of 410.66 trillion tokens have been issued from the initial offering.
In addition to the impressive burn rate increase, the Shiba Inu development team reached a significant milestone by successfully completing the waiver of the Bone ShibaSwap (BONE) contract. BONE serves as the gas token for ShibaSwap and is the official token of Shibarium. The journey to this success began when Shiba Inu introduced a temporary token called Calcium, designed solely to waive the BONE contract. It’s important to note that the team warns the community against using Calcium for trading due to its limited liquidity. However, this achievement represents an important step in the continued advancement of the Shiba Inu ecosystem.
How is the price and performance?
Following the positive announcement, the Shiba Inu token managed to stay in positive territory. At the time of writing, SHIB was priced at $0.00000724, with a gain of 0.37% in the last 24 hours. The token’s transaction volume increased by 35.41% to $79.67 million, and its market value increased by 0.36% to $4.27 billion. The recent rise in SHIB’s price suggests that investors are responding positively to the significant increase in burn rate. However, it is important to recognize the inherent volatility of the cryptocurrency market. Predicting the long-term performance of cryptocurrencies remains difficult given the unpredictable nature of the industry.
The sudden increase in SHIB’s burn rate has caught the attention of many, especially considering the lack of significant use cases. One potential factor contributing to this surge is the increased activity of SHIB whales, who seem determined to see their favorite token literally rise from the ashes. As a result, the market has shown a modest but noticeable recovery in SHIB’s price, creating hope among its holders.
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