Shiba Inu burns 11 million SHIB as burn rate increases by 367%

Shiba Inu, the dog-themed cryptocurrency, has seen a 367% increase in burn rate, sending over 11.5 million SHIB to dormant wallets. According to the Shibburn update, the burn occurred in just two transactions.

Shiba Inu Community Efforts and SHIB Supply Overview

In the last 24 hours, the community burned a total of 11,696,177 SHIB to control the circulating supply. In the first transaction, 3,271,537 SHIB were burned, and a second transaction occurred hours later.

In the second, more than double the first, 8,424,639 SHIB were sent to a dead wallet, thus completing the transaction for the day. As of now, the total supply of Shiba Inu is 589,268,792,658,296, with a circulating supply of 583,543,594,573,618. Meanwhile, 5,725,198,084,677 SHIB have been staked, and the SHIB burned amounts to 410,731,207,341,703 SHIB.

SHIB UPDATE PER HOUR$SHIB Price: $0.00001889 (1 hour 0.14% â–Č | 24 hours 6.97% â–Č )

Market Cap: $11,135,799,705 (7.01% â–Č)

Total offer: 589,268,792,658,296

BURNED CHIPS

Last 24 hours: 11,696,177 (367.39% â–Č)

Last 7 days: 320,801,772 (916.7% â–Č)

— Shibburn (@shibburn) 19 de octubre de 2024

The current burn rate indicates the community’s commitment to driving deflation in the ecosystem and stabilising prices. It also indicates positive sentiment in the broader market about the asset, especially from holders.

Price action and market sentiment

At the time of writing, the price of SHIB has increased by 2.43% to $0.00001929. However, this price increase has not yet sparked renewed investor interest in the cryptoasset. Market volume is still down 9.96% at $463.07 million.

The community is hoping that things will turn around soon if the meme coin can maintain its current price trajectory. However, they have called on the Shiba Inu development team to effectively address the growing fear, uncertainty, and doubt (FUD) that has continued to influence the performance of the asset.

In a report by U.Today, Shiba Inu’s marketing director Lucie explained that the developers were actively working on projects that Shytoshi Kusama had previously announced. Lucie assured users not to pay attention to the figures as they have been inflated by those who barely invested in SHIB but hold other tokens.

One of these projects is the Shib DAO Foundation, which will transform the governance structure

$SHIB