Shibu Inu Token Skyrockets with Over 100% Burn Rate as SHIB Price Looks to Recover
In an unexpected turn of events, the Shiba Inu (SHIB) community has witnessed a remarkable surge in the number of tokens being burned, leading to a significant decrease in the circulating supply. According to Shibburn, a platform that tracks SHIB token burns, the burn rate has skyrocketed by a staggering 103.45% in just 24 hours. This has resulted in the incineration of a whopping 34,681,610 SHIB tokens, with a large portion being transferred to inaccessible wallets. The SHIB community has been actively collaborating with the project team to reduce the token supply, and this surge in burns demonstrates their commitment to boosting scarcity.
Token burns have become a regular practice within the SHIB ecosystem, with the project team taking it upon themselves to periodically convert Shibarium gas fees into SHIB tokens and burn billions of tokens. This proactive approach to reducing the supply has been lauded by the community and has contributed to SHIB’s resilience in the face of recent market declines.
Lucie, the marketing lead of SHIB, remains optimistic about the coin’s future despite the broader cryptocurrency market experiencing a phase of price reversal. With the highly anticipated Bitcoin halving scheduled for April, SHIB enthusiasts are eagerly awaiting potential price milestones. Although SHIB is currently trading at $0.0000271 with a 4.50% surge in the last 24 hours, there is a sense of hopefulness among the community for further gains in the near future.
The surge in token burns and the overall market sentiment surrounding SHIB indicate a positive outlook for the token’s recovery. As the community continues to demonstrate their dedication to reducing the circulating supply, SHIB may well experience a new all-time high in the coming weeks.