The Shiba Inu community has been actively burning SHIB tokens in an effort to boost the token’s economics.
Key Takeaways
- Shiba Inu’s community has witnessed a significant increase in the burning of SHIB tokens, with a burn rate surging by 1146.71% in the past twenty-four hours.
- Approximately 122.10 million SHIB tokens were burnt recently, according to data from Shibburn, a platform displaying SHIB token supply and burn dynamics.
- The total tokens burnt from the initial supply now amount to 410.66 trillion, while the current circulating supply stands at 580.09 trillion tokens.
- The Shiba Inu community has been actively working to boost SHIB tokenomics by burning trillions of tokens, despite which the price surge of SHIB tokens appears relatively modest.
Shiba Inu Community Burns Tokens
The Shiba Inu community has witnessed a substantial increase in the burning of SHIB tokens, with the burn rate surging by an impressive 1146.71% in the past twenty-four hours.
Shiba Inu Burn Rate Rockets 1100% As SHIB Price Plummetshttps://t.co/8FRrPaiRqx pic.twitter.com/xWFQV4US5n
— John Morgan (@johnmorganFL) November 10, 2023
Data from Shibburn, a platform displaying SHIB token supply and burn dynamics, reveals that nearly 122.10 million SHIB tokens were recently burnt. This adds to the ongoing efforts of the Shiba Inu community to enhance SHIB tokenomics through token burning.
The total number of tokens burnt from the initial supply has now reached 410.66 trillion, while the current circulating supply stands at 580.09 trillion tokens.
Modest Price Performance
Despite the substantial token burns, the price surge of SHIB tokens appears relatively modest. At the time of reporting, the Shiba Inu token (SHIB) had experienced a 2.48% decrease in price, trading at $0.0000083.
To Conclude
In recent news related to SHIB tokens, fintech firm Robinhood announced plans to expand its services to Europe and the United Kingdom, introducing a wallet that supports all assets, including Shiba Inu and Dogecoin.
Additionally, Shibarium, Shiba Inu’s dedicated layer-2 blockchain, experienced a phenomenal 3000% increase in daily new contracts, indicating network utilization and growth.
