Shiba Inu, a cryptocurrency positioned as the self-proclaimed Dogecoin killer, curated a tidal wave of speculations across the broader crypto market today as it recorded a substantial upswing in its burn rate. According to the data unveiled by the burn tracker Shibburn, the Shiba crypto community jotted down the incineration of a staggering 27.28 million SHIB over the past 24 hours, showcasing the community’s successful efforts to jack up the SHIB tokenomics.

Meanwhile, Shiba Inu’s price traded in the positive territory today, further aligning with the soaring burn rate. An intriguing announcement by Shiba Inu’s lead developer, Shytoshi Kusama, appears to have further aided the meme coin’s upward momentum across the crypto horizon, hinting toward an imminent NFT launch.

SHIB Burn: A Comprehensive Look

According to the data streamlined by Shibburn, with a 70.68% surge in burn rate on February 13, the Shiba crypto community witnessed a staggering 410.70 trillion SHIB destroyed from the token’s initial supply. This appears to have nabbed significant attention across the global crypto realm, marking the community’s monumental achievement in improving SHIB’s tokenomics. Concerning this, the Shiba crypto community recently shifted 25 million SHIB to a dead wallet, marking the lion’s share in today’s upswing.

Notably, the burning of tokens or the transfer of SHIB to a dead wallet comes as an effort by the community to improve Shiba Inu’s crash, which Nasdaq previously claimed to be due to the token’s massive supply. Following this, the community has destroyed colossal amount of coins to date, substantially reducing the overall SHIB supply in the crypto market.

This appears to have fueled crypto market enthusiasts with immense optimism for the token, as also seen by today’s price jump, per CoinMarketcap’s data.

Additionally, Shytoshi Kusama’s revelation of the ‘Sheboshi’ NFT further appears to be aiding the Shiba Inu ecosystem. These recent developments seem to additionally birthing bullish thoughts on the meme coin, aligning with today’s price jump.

Also Read: Bitcoin Price: Key Reasons Why BTC Soars Past $50K

Shiba Inu Price Jumps

As of writing, the Shiba Inu price noted a substantial 3.37% upswing in the past 24 hours and is currently trading at $0.000009614. Intriguingly, the token traded as high as $0.9713 today, mirroring the community’s recent advancements and the colossal burning of roughly 27 Mln SHIB.

This paves the path for the token’s potential run to $0.00001, as the supply continues to decrease. Meanwhile, the upcoming Sheboshi announcement appears to be building up positive sentiments among traders within the broader crypto market, revolutionizing Shiba Inu’s cryptographic venture.

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The post Shiba Inu Burn Jumps 70% With 27 Mln Tokens Burnt, SHIB To Hit $0.00001? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am