Despite market turbulence, the Shiba Inu crypto continues to capture attention, fueled by an unprecedented burning frenzy within its community. In the face of price dips and a broader crypto market crash, the SHIB community is intensifying its efforts to burn SHIB tokens, driving a surge in burn rates.

Notably, this remarkable trend has implications not only for SHIB’s value but also for the broader landscape of meme coins.

Shiba Inu’s Burn Rate Soars

The Shiba Inu crypto has witnessed a remarkable surge in burn rates, with over 774 million SHIB tokens burnt in the past seven days, marking a staggering increase of almost 200%. According to data from Shibburn, a platform tracking SHIB burn rates, the total burn value surged by 193.39% to $774.13 million over the last week.

In addition, the burn rate for Shiba Inu tokens skyrocketed by 489.87% in the last 24 hours alone, reaching $19.34 million. This move has sparked discussions in the cryptocurrency community, over its potential implication on the SHIB price amid the market dip.

Notably, the highest burn transactions in the past 24 hours were recorded at 650 million, 61.9 million, and 25.85 million SHIB tokens, respectively. Since the inception of Shiba Inu, a total of 410.72 trillion SHIB has been burnt from the initial supply, reflecting the community’s ongoing commitment to reducing token circulation.

However, despite this substantial increase in burn rates, the current circulating supply of the meme coin remains at 582.80 trillion SHIB.

Also Read: BlackRock Co-founder Predicts Market Comeback, $9 Trillion Invested 

Potential Impact Amid Shibarium’s Daily Transactions Surge

The Shiba Inu burning mechanism, strategically implemented to diminish token supply and bolster the network’s value, has sparked intense speculation within the cryptocurrency community, particularly within the meme coin sector. As the SHIB community actively participates in burning tokens, they aim to create scarcity, potentially driving up the value of SHIB in the long term.

Notably, this proactive approach contrasts with traditional inflationary models, positioning Shiba Inu as a unique player in the cryptocurrency landscape.

However, in addition to the burning frenzy, Shibarium, the layer-2 blockchain that aims to bolster the SHIB ecosystem, has experienced a surge in daily transactions, nearing the one-million mark. As of today, Shibarium’s total daily transactions stand at 958.44K, a substantial increase from the mere 7.06K recorded at the beginning of April.

Meanwhile, this surge underscores growing investor interest and confidence in Shiba Inu’s ecosystem, highlighting its potential for further growth and adoption in the future.

Overall, despite market volatility, the Shiba Inu community remains steadfast in its commitment to burning tokens and strengthening the network. With both burn rates and Shibarium transactions on the rise, the future outlook for Shiba Inu appears promising, offering investors and enthusiasts alike a compelling narrative amid uncertain market conditions.

However, despite the notable surge in SHIB burn rate and Shibarium daily transactions, the Shiba Inu price declined 7.46% and traded at $0.00002159, while its trading volume over the last 24 hours plunged 11.83% to $949.24 million. Over the last seven days, the SHIB price fell nearly 25%, reflecting the ongoing volatile condition in the crypto market.

Also Read: Bitcoin Whale Accumulation Continues Despite BTC Price Volatility

The post Shiba Inu Community Burns 774M SHIB Despite Market Crash, What’s Next? appeared first on CoinGape.

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