Shiba Inu (SHIB) is making waves in its ecosystem with a significant increase in its burn rate, but the price hasn’t seen a major boost as a result.
According to Shibburn data, a staggering 298,761,752 SHIB tokens have been burned in the past 24 hours, marking a 438.17% increase. However, this is just a small part of the overall growth in SHIB burn rate over the past week.
The Shiba Inu community has been actively involved in burning SHIB tokens since the beginning of the year. As a result, the total number of burned tokens has reached 410,723,397,483,539 SHIB, leaving approximately 589,276,602,516,460 SHIB in circulation.
The burning campaign, which relies on community members’ participation, has seen some significant transactions. One wallet address, labeled “0xda…f57705,” burned a total of 211,489,784 SHIB tokens. Other notable burning transactions include 50,000,000 tokens from address “0xdb…2019a” and 46,000,000 tokens from address “0xb23…c460.”
Despite the positive sentiment surrounding the burning campaign, the price of Shiba Inu hasn’t experienced a substantial increase in the past 24 hours. As of now, Shiba Inu is priced at $0.00003426, down 2% according to CoinMarketCap.
This slight decline may be viewed as a minor correction after a significant surge of 25.5% over the past week. Shiba Inu has managed to maintain a strong position above the $0.00003 mark, and there are hopes that it will surpass its previous all-time high, removing another zero from the price, in the mid-to-long-term.