๐ฅ $SHIB Burn Rate Skyrockets Over 2,200%! ๐ฅ
The Shiba Inu community has intensified its token burn efforts, leading to a remarkable surge in the burn rate. Recent data indicates a 2,200% increase, with over 14.58 million SHIB tokens removed from circulation in a single day.
Key Highlights:
Significant Supply Reduction: These burns have decreased the total supply to approximately 589.26 trillion tokens, aiming to enhance scarcity and potentially boost the token's value.
Community-Driven Initiative: The SHIB burn mechanism is a community-led effort to reduce excess supply by sending tokens to inaccessible "null" addresses, effectively removing them from circulation.
Market Implications:
Despite the substantial burn, SHIB's price experienced a slight intraday decline of about 2%, trading around $0.00002386. However, on a monthly scale, SHIB has seen gains of approximately 30%, reflecting a broader positive trend.
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