One of the most prominent meme coins in the cryptocurrency world. Shiba Inu, has once again sparked speculation in the broader crypto market today. In this context, the token burning rate increased tremendously last week. With 42.05 million SHIB transferred to an unusable wallet today, the Shib community continues to showcase its efforts to upgrade the tokenomics of SHIB.
Meanwhile, meme coin It is traded in green, aligning with the recent increase in the burning rate. Although marginal, the meme coin’s rise today further reflects the community’s recent advancements. The analysis made crypto- It shows that market analysts remain optimistic about SHIB’s short-term potential. CoinMarketCap’s charts also showed that the Shiba Inu was gradually gaining an upward trajectory at the time of writing.
Shiba Community Transfers 42 Million to Unusable Wallet
According to data released by Shiba Inu follower Shibburn, the meme coin community transferred a staggering 42.05 million SHIB to an unusable wallet today. With this massive transfer, today’s burn rate has increased to 55.17%, while the weekly burn rate has increased to 113.62%.
The community’s continued destruction of SHIB has increased market optimism for the meme coin as the token supply has taken a significant hit. In parallel, the community has destroyed 410.70 trillion SHIB from the token’s initial offering to date, while the current circulating supply remains at 581.44 trillion SHIB.
Meanwhile, the Shiba Inu ecosystem has witnessed a number of developments, as seen with the recent SHEboshi launch. Interestingly, the SHEboshi DN404 test token went out of stock just a few hours after launch, sparking additional bullish sentiments about the Shiba Inu.
At the time of writing, the Shiba Inu price has increased by 0.28% in the last 24 hours. It is currently trading at $0.000009522. This jump reflects the community’s recent developments, including the increase in the burn rate and the instant sell-out of SHEboshi.
Following last month’s bullish performance, usual market sentiment generally indicates that buying pressure is easing. This paves the way for a potential recovery.
SHIB showed a significant rise as the token broke through the $0.000010 barrier on February 16. However, after the said rise, the price fell to approximately $0.0000095. Crypto market enthusiasts expect prices to rise in the future, in line with the optimism of SHIB’s rise to $0.0001. SHIB’s continued burning and plans to revolutionize the community’s ecosystem further aid this potential bull run.
