In a recent turn of events, the burn rate of SHIB, the second-largest meme coin, has experienced a remarkable surge, providing a glimmer of hope to its dedicated community. Data shared by the Shibburn explorer reveals that within the past 24 hours, an impressive 50,258,924 SHIB has been successfully burned. Despite the relatively low value of this stash, estimated at $378, the significance lies in the demonstration of the community’s commitment to reducing the circulating supply of SHIB, thereby increasing its scarcity.
The burning of tokens, a popular practice within the cryptocurrency world, involves sending coins to wallets where they cannot be spent or withdrawn. By gradually decreasing the circulating supply, the aim is to bolster the value of the coin over time. This recent surge in burning activity showcases the dedication of the Shiba Inu community and developers to this long-term goal.
Four burn transactions took place, with the two largest involving 27,502,303 SHIB and 12,034,353 SHIB, respectively. These tokens were effectively sent to dead-end wallets, further reducing the available supply. Over the past seven days, an impressive total of 638,400,947 SHIB has been burned, although this figure represents a 37% decrease compared to the previous week.
SHIB Burn Rate Spike Ahead Of shibarium, the Number of transactions and wallet addresses increase
The positive developments extend beyond the burn rate, as Puppyscan reports a surge in activity on the Shibarium testnet, known as Puppynet. Both the number of transactions performed and the connected wallet addresses have witnessed significant growth. The transaction count has surpassed 25 million, reaching a total of 25,665,558, indicating heightened engagement within the community. Furthermore, the number of wallets linked to Puppynet has surpassed a major milestone, now standing at 17,005,447. These developments highlight the expanding ecosystem around SHIB and demonstrate the growing interest and participation of users.
Amidst these positive indicators, the price of SHIB has finally started to exhibit an upward trajectory. CoinMarketCap reports a 3.21% increase in the value of SHIB within the past 24 hours. At the time of writing, SHIB is trading at $0.000007516. This rise in price, albeit mild, provides a boost to investor sentiment and further underscores the community’s efforts to enhance the value of SHIB.
Shiba Inu community Burns Continually
As the Shiba Inu community continues to actively burn SHIB tokens and expand the Shibarium ecosystem, enthusiasts and investors eagerly anticipate further positive developments. The recent surge in burn rate, along with the growing number of transactions and connected wallets on Puppynet, hints at a potential shift in SHIB’s market dynamics. While the journey to driving SHIB’s price upward remains ongoing, these recent milestones represent significant progress towards achieving the community’s long-term goals.