According to U.Today, the dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant 347% increase in its daily burn rate over the past 24 hours. This surge has resulted in millions of SHIB tokens being sent to inaccessible or unspendable dead wallets. The most recent hourly update from Shibburn's X handle reported that 27,760,703 tokens were burned in the last 24 hours, marking a 347.32% increase in the daily burn rate.
This increase in Shiba Inu's burn rate coincides with a period of fluctuation in the broader cryptocurrency market. At the time of reporting, SHIB had risen by 1.58% in the last 24 hours to $0.00001661. The cryptocurrency has been on an upward trend since rebounding from lows of $0.0000126 on July 5, marking five out of six days in the green and reaching intraday highs of $0.00001688.
Excitement is building within the Shiba Inu community following a recent announcement by Shiba Inu lead Shytoshi Kusama. The community is preparing for the upcoming launch of the TREAT token. Kusama stated that the Shiba Inu ecosystem hosts a variety of tokens, including Shib, Bone, Leash, and the soon-to-be-released TREAT. Each token has its own utility and governance, with TREAT serving as the access token to all advanced features of the system.
In addition to the TREAT token launch, the Shiba Inu lead also announced the global 'Treat Yourself' tour. The tour began with the IVS in Kyoto and will include stops at significant events like the Blockchain Futurist Conference in Toronto, before ending with the much-anticipated ShibaCon 2024 in Bangkok.