This shows that the Shiba community supports the initiative to reduce the current supply of SHIBs and increase their price.
This increase was caused by two transactions that burned the aforementioned Shiba Inu tokens. According to the tracking platform, these transactions destroyed a total of 86,015,940 SHIBs.
0x60812... A wallet address identified as . 887239fe80 did the bulk of the burning, transferring 85,015,940 #SHIB to the dead wallet 14 hours ago. Meanwhile, wallet address 0x167a93. . e191aa6476, the second transaction from . e191aa6476 destroyed 1 million SHIB tokens.
The burn rate may have increased by more than 4,000% today, but it has never been this high in the last seven days. According to the SHIB burn reports updated hourly on X (formerly Twitter), the burn rate has increased by 36% over the past week, and the total number of SHIB tokens burned is around 146 million. More than 410.7 trillion SHIBs have been sent to wallets since the burn feature was introduced.
This means that out of the initial supply of 999.98 trillion SHIBs, over 581.44 trillion SHIBs are currently in circulation. Looking at these figures, one can conclude that the SHIB community still has a lot of work to do to improve the burning process.
Aside from the burn initiative, other elements are being considered to improve #altcoins and their ecosystem. One of them is SHEboshi.
SHEboshi aims to transform the SHIB ecosystem by making it easier to burn SHIB and other #Shibarium tokens; with SHEboshi's #NFT collection, the team aims to achieve higher burn rates.
Another factor is the development model adopted by the team. If the team manages to stay on the cutting edge, it will attract more users to the platform and improve the ecosystem.
My name is Godspower Ooi, and I work on the news platforms NewsBTC and Bitcoinnist.
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