This significant burn activity led to a 340% increase in the burn rate, sparking hopes for a future rally ¹. The Shiba Inu community has been working together to reduce the number of coins in circulation, and their dedication is paying off.
*Recent Burn Details:*
- _Tokens Burned:_ 11,080,178 SHIB tokens
- _Burn Rate Increase:_ 340.27%
- _Transactions:_ 7 transactions, with the largest one burning 10,007,448 tokens
- _Total Burned:_ 410.7 trillion SHIB tokens removed from circulation, leaving 583 trillion remaining
The idea behind burning tokens is to increase the asset's value by creating scarcity as demand overtakes supply. This strategy seems to be working, as SHIB's price increased by 1.46% to $0.00001359, despite a 6.46% drop in trading volume to $127.3 million ¹ ².
*Shibarium Transactions:*
Activities on Shibarium, Shiba Inu's layer-2 blockchain solution, have declined over the last month, from 28,600 transactions on August 20 to 3,810. However, transactions on Shibarium directly impact SHIB token burn, as part of the gas fees paid in BONE go toward burning SHIB tokens ¹.
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