Lately Shiba Inu The rising wave experienced by has increased the interest in the crypto market. However, a significant burn rate increase recorded today could further strengthen Shiba Inu’s place in the market as an Ethereum-based meme coin.
According to Shibburn data, a huge increase of 298.21% in SHIB burning rate was recorded. With 2.03 million SHIBs burned in the past day, the Shiba Inu community continues its efforts to strengthen the tokenomy. This situation, crypto- It aroused great curiosity among market traders and investors.
Today Shiba Inu traded with high volatility. However, it was traded in green due to the increase in the burning rate. Derivative data indicates an uptrend in the market and increases forward-looking speculation.
SHIB Incineration Increase Matches Community Promises
According to Shibburn’s data, with today’s massive burn wave, the Shiba community observed the impressive event of burning 410.708 trillion SHIB from the token’s total initial supply. Currently, the circulating supply has reached 581.424 trillion SHIB. Additionally, this stands out as an important indicator of the decreasing supply of the token in the market.
The increase in today’s cremation rate occurred simultaneously with the announcements made by Shib magazine. The Shib crypto community plans to streamline the SHIB burning process by introducing new features for Shibarium, the L2 of the Shiba Inu. This development created great optimism for the Shiba Inu token. In this context, this development aims to move the ecosystem further in cryptographic terms.
Additionally, the community announced that new tokens such as KNINE and SHEboshi will be released soon. KNINE is positioned as a liquid staking derivatives token on Shibarium, while SHEboshi describes itself as an ERC-404 token.
These important steps of the community took place as the daily transaction volume reached 3 million. Shibarium It was also reflected by. Additionally, according to DeFiLlama, Shibarium’s TVL has approached $1 million, creating increasing optimism for the token.
Shiba Inu Price Is Rising
At the time of writing, the Shiba Inu price has increased marginally by 0.75% in the last 24 hours. Koinfinans.com As we reported, it is currently trading at $0.000009871. The price chart showed that the token is trading primarily in green today, although it was also briefly traded in the red.
The Shiba Inu’s upward movement occurs primarily in concert with an increase in the kill rate. Because the decrease in supply continues through combustion. Moreover, the recent progress of the community also supports this move and crypto market enthusiasts are expecting a rise in prices.
Shiba Inu’s derivative data also moves in line with the jump in price. Open interest increased by 2.69% to $29.51 million, while volume increased by 51.94% to $45.65 million. These data indicate an upward trend in the market.
