Shiba Inu, the dog-themed cryptocurrency, has witnessed a significant increase in its burn rate, resulting in the torching of over 11.5 million SHIB tokens. This jump in burn rate translates to a 367% surge in the destruction of SHIB tokens, which were sent to inactive wallets. The burns occurred through two separate transactions.
Within the span of 24 hours, the Shiba Inu community successfully incinerated a total of 11,696,177 SHIB tokens in an effort to regulate the circulating supply. The first transaction saw 3,271,537 SHIB tokens burned, followed by a second transaction that took place several hours later. The second transaction was more substantial, with 8,424,639 SHIB tokens sent to a dead wallet, completing the burn for the day. Currently, Shiba Inu’s total supply stands at 589,268,792,658,296 SHIB tokens, while the circulating supply is 583,543,594,573,618 SHIB tokens. Additionally, 5,725,198,084,677 SHIB tokens have been staked, and a total of 410,731,207,341,703 SHIB tokens have been burned.
This increased burn rate signifies the community’s dedication to promoting deflation in the Shiba Inu ecosystem and stabilizing prices. It also indicates positive market sentiment towards the asset, particularly from holders. However, despite a 2.43% price increase to $0.00001929, there has not been a significant resurgence of investor interest in SHIB. Market volume remains down by 9.96%, totaling $463.07 million.
The community is hopeful that if the meme coin can sustain its current price trajectory, renewed investor interest will follow. However, they have called upon the Shiba Inu development team to effectively address the growing fear, uncertainty, and doubt (FUD) that has been impacting the asset’s performance. Lucie, Shiba Inu’s marketing lead, mentioned in a U.Today report that the development team is actively working on projects previously announced by Shytoshi Kusama. Lucie also urged users not to pay attention to misleading figures, as they may be inflated by individuals who have minimal investments in SHIB but hold other tokens.
One notable project underway is the Shib DAO Foundation, which aims to transform the governance structure within the Shiba Inu ecosystem.