Shiba Inu Torches 51,763,782 SHIB as Burn Rate Soars 1,068%

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As a seasoned researcher with a knack for deciphering market trends and analyzing digital currencies, I find the recent surge in Shiba Inu (SHIB) burn rate particularly intriguing. With over 1,000% increase in token burns within a day, it’s like watching a dog chasing its tail – but this time, it’s SHIB tokens being burned!

Lately, Shiba Inu (SHIB) has been generating interest due to an impressive increase in its token burn rate. Strikingly, the burn rate for SHIB jumped more than 1000%, significantly lowering the number of tokens available on the market. This development has fueled investor excitement about a potential bullish trend in SHIB’s price movement.

Soaring SHIB burn rate

Based on Shiburn’s findings, the rate at which SHIB tokens are being destroyed jumped by an astounding 1,068% over the past 24 hours. This means that approximately 51,763,782 SHIB tokens have been transferred to inactive wallets and permanently taken out of circulation.

HOURLY SHIB UPDATE$SHIB Price: $0.00002657 (1hr 0.33% ▲ | 24hr -15.22% ▼ )
Market Cap: $15,674,923,016 (-15.09% ▼)
Total Supply: 589,257,325,374,679

TOKENS BURNT
Past 24Hrs: 51,763,782 (1068.01% ▲)
Past 7 Days: 423,054,507 (-90% ▼)

— Shibburn (@shibburn) December 10, 2024

Over the past week, approximately 2.44 billion SHIB tokens were destroyed, marking a 10.57% rise in weekly burn rates. This substantial reduction has significantly lowered the total supply to about 589 trillion SHIB tokens.

In simpler terms, a significant decrease in the number of Shiba Inu coins (SHIB) was observed due to recent burn activities, suggesting active participation from the community. This reduction aligns with the general market’s positive outlook towards meme coins, as optimism grows based on the principle of supply and demand.

As a researcher, I’ve noticed an significant increase in the trading activity of SHIB, which I attribute to its surging trading volume. In just the past 24 hours, this volume has spiked by more than 109%, suggesting that investors are once again taking notice.

Shiba Inu ecosystem update and price impact

The advancements in Shiba Inu’s layer-2 platform, Shibarium, are fueling investor enthusiasm for this popular meme token.

According to U.Today, the Shiba Inu group has unveiled significant enhancements planned for their Shibarium primary network. These updates involve modifications to the latest versions of the Heimdall and Bor hard forks and the introduction of a fresh contract designed to burn SHIB tokens.

In a significant surge, Shibarium’s Total Value Locked has increased an impressive 851% since it started with only $1.23 million. This growth also echoes in the strong on-chain performance of the Shiba Inu blockchain.

Although there was a significant 1,068% increase in SHIB’s burn rate, its price decreased by 12% within the last 24 hours to reach $0.00002693. Yet, the price of SHIB experienced a rise of over 12% in the past week, suggesting strong market potential within a broader optimistic investment climate.

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2024-12-10 14:00