Shiba Inu's burn rate skyrocketed by 5,545%, removing 61 million SHIB from circulation in 24 hours.
SHIB's leader, Shytoshi Kusama, aims to boost its ranking from top 15 to top 5 in under five years.
The largest SHIB burn transaction recently eliminated 209 million tokens, marking a significant supply reduction.
Shytoshi Kusama, SHIB’s lead developer, recently shared his plan for the Shib coin’s evolution into a utility token on social media. Kusama presented a plan to bring SHIB from the top 15 to the top five cryptocurrencies by market cap in five years while operating with limited resources.
The enigmatic leader captioned it with the goals illustrated by an AI-generated image showing the challenges of attaining such achievements. A man standing amidst catastrophe in an office setting effectively visualised the main mission's challenges. Kusama pointed out that his statements were not forecasts but goals. He emphasized that the team ought to know how committed it is to this long-term plan.
https://twitter.com/ShytoshiKusama/status/1862071053444366831 Shiba Inu’s Burn Rate Records
The burn rate of Shiba Inu also increased and led to a decline in the number of tokens in circulation. According to Shibburn, within the last 24 hours, the burn rate went up by 5,545.73%. Additionally, 61,468,595 SHIB tokens were sent to dead wallets. The biggest burn was 48,266,929 SHIB in the transactions.
This increase progressed further, and the burn rate was accelerated to over 24,000%. In total, 270,751,087 SHIB tokens were burned in one day, whereas the largest transaction was 209,312,491 tokens. The increase in the burn rate falls in line with the communities' actions to decrease the supply of the token and drive its value in the long run.
SHIB trades at $0.00002521, up by a 1% uptick in the price range over the last day. This burn mechanism remains instrumental to the token economic model and ensures investors put their trust in the coin.
Prospects for Shiba Inu Amid a Bullish Market
The cryptocurrency market has increased recently due to political changes in the USA. Moreover, leading coins like Bitcoin and Solana set new highs. However, SHIB has not climbed to its new record high, the previous all-time high of SHIB was in October this year at $0.00008616.
Nevertheless, the leadership and the community of SHIB token continue to have positive outlooks. Based on the prediction that 2025 will look like a ‘super cycle’ to 2021, the current market environment compares with the environment before the last major bull run. More demand, community-based projects, and a listing on leading exchanges remain key factors for SHIB to be on the list to make another rally.
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