Shiba Inu Community Boosts Burn Rate, Anticipates Rally
The Shiba Inu community has seen a significant increase in its burn rate, surpassing 1450% in just 24 hours. This surge in burning SHIB tokens comes as the community takes advantage of the meme coin season to boost the burn rate and increase the number of users holding Shiba Inu. Despite this impressive burn rate, the price of SHIB has remained relatively stable, with no significant shifts observed, unlike other meme coins that have recorded high trading volumes.
Over the course of this week, the Shiba Inu community has burned more than 2.9 billion SHIB tokens in total. However, this extensive burning has not led to a substantial price movement. The circulating supply of SHIB has decreased to 574.86 trillion tokens, but it is still considered relatively high.
In the past 24 hours alone, according to the Shibburn portal, a total of 231,886,112 SHIB tokens were burned in eight separate transactions, resulting in a nearly 1500% increase in the burn rate. The majority of these burns were contributed by two wallets, one of which burned 200,583,666 SHIB tokens, while the other burned 16,324,455 tokens.
To further increase the burn rate, Shibburn has announced the launch of a website in June. This website will not only track SHIB burns but also introduce several tools to aid in the burning process. Users will have the opportunity to earn SHIB through an affiliate program and a web3 advertising system.
Additionally, there have been hints from lead developer Shytoshi Kusama and the Shibarium telegram group admin about the potential launch of the Shibarium mainnet around August, which has sparked anticipation among the community.
Shiba Inu’s price has been relatively stagnant this week, experiencing a 15% decline in May. The hype surrounding other meme coins like PEPE and investors flocking to them have contributed to this decline. Currently, SHIB is trading at $0.0000087, with a 24-hour low and high of $0.00000870 and $0.00000889, respectively.
In conclusion, the Shiba Inu community’s efforts to increase the burn rate have shown impressive results, with a significant surge in burning SHIB tokens. However, the price of SHIB has not experienced any substantial changes despite these efforts. With the upcoming launch of the Shibarium mainnet and the introduction of new tools to aid in burning, the community is hopeful for a rally in the price of SHIB.
