Shiba Inu Community Burns a Large Amount of Tokens
The Shiba Inu community has achieved another milestone in its efforts to burn SHIB tokens, resulting in a significant 105% increase in the burn rate.

Meanwhile, the price of this second-largest dog-themed cryptocurrency has surged by nearly 8% in the past 24 hours.

How Much SHIB Was Burned?
According to the tracking platform Shibburn, a total of 1,877,749 SHIB tokens were removed from circulation in the past day. Of this amount, 1,000,707 SHIB was burned in a single transaction, driving the burn rate up by 105%.

44.6 Billion SHIB Burned in 2024
Shibburn data also revealed that in 2024, the Shiba Inu community and its developers managed to burn a total of 44,623,604,014 SHIB tokens, valued at nearly $1 million.

Despite these efforts, many SHIB enthusiasts remain skeptical. They argue that the current burn rate is too slow to significantly reduce the massive circulating supply within the next few years. The main goal of burning tokens is to decrease supply, increase scarcity, and boost the token's price.

Half of SHIB's original supply was removed in May 2021 by Ethereum co-founder Vitalik Buterin after he received a massive amount of SHIB from the token's mysterious founder, Ryoshi.

In December 2024, SHIB fans sent 2,679,767,542 SHIB tokens to "dead" blockchain wallets.

SHIB Price Jumps Overnight
In the last 24 hours, SHIB's price has shown an impressive 10% increase, climbing from $0.00002084 to $0.00002270. This growth followed Bitcoin’s rise, which gained 3.81% since January 1, reaching $96,520 at the time of writing.

Like the broader cryptocurrency market, SHIB is highly sensitive to Bitcoin's price movements, often following BTC’s trends whether they rise or fall.

Conclusion
The Shiba Inu community continues its efforts to burn tokens, leading to an increased burn rate and short-term price growth. SHIB’s future price performance will depend on the community's ability to further reduce the supply and the movements of the broader crypto market.

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