Shiba Inu Token Burning Surge Sparks Price Increase, Community Achievements Propel SHIB Forward

Shiba Inu Token Burning Surge Sparks Price Increase, Community Achievements Propel SHIB Forward

Crypto News – Shiba Inu, often dubbed the ‘Dogecoin killer,‘ is once again making waves in the cryptocurrency world as its price surges amid a significant increase in token burning.

Shibburn, a platform dedicated to providing insights into SHIB token burning, recently unveiled data showcasing a remarkable surge in the burning of Shiba Inu cryptocurrency tokens.

This notable increase in token burning has captured the attention of crypto enthusiasts, coinciding with a marginal upswing in SHIB’s price.

As previously reported by CoinGape, the Shiba Inu crypto community has been actively burning tokens in recent days, driven by their efforts to strengthen the SHIB tokenomics.

SHIB Burn Report

According to Shibburn’s data as of November 24th, there has been a substantial 128.37% surge in the burn rate, resulting in the destruction of an impressive 9.13 million SHIB tokens.

This surge in token burning aligns with the community’s ongoing efforts to enhance the SHIB tokenomics. As of the current moment, the total tokens burnt from the initial supply stand at 410.662 trillion, while the circulating supply is 580.417 trillion.

Among the series of SHIB burn transactions, two significant transactions have garnered notable attention from market enthusiasts. The first transaction, carried out by an unknown wallet (0x60812…), burned approximately 7.15 million SHIB tokens about twelve hours ago. The second transaction, also from an unknown wallet (0x74dec…), involved the burning of 2 million SHIB tokens approximately twenty-four hours ago.

Shiba Inu Price Surge Amidst Community Achievements

At the time of writing, the price of Shiba Inu has experienced a modest increase of 0.23% over the last twenty-four hours, reaching $0.000008189 today. However, the trading volume has decreased significantly by 23.11%, currently standing at $94.83 million.

Notably, the token’s price has gained substantial momentum over the past month, surging by 9.25%.

These gains appear to be closely linked to the recent achievements of the Shiba community. According to data provided by Shibarium, a layer-2 (L2) blockchain network built on Ethereum for Shiba Inu, the token has surpassed the milestone of 4 million total transactions on the network. Furthermore, SHIB wallets with a balance of $0 have seen a phenomenal increase of approximately 15,000% compared to data from February 2021.