Shiba Inu Price Surge Accompanied by the Burning of 361 Million Tokens This Week

Crypto News– Shiba Inu (SHIB), an Ethereum-based altcoin, is once again making waves in the cryptocurrency sphere, experiencing a surge in its price as of today, November 11.

Shiba Inu Price Surge Accompanied by the Burning of 361 Million Tokens This Week

As of the current writing, the Shiba Inu burn rate has notably decreased, attracting the attention of crypto enthusiasts worldwide.

In the past few days, the broader markets associated with the Shiba Inu coin have displayed a bullish sentiment, driven by recent efforts from the Shiba crypto community to garner support for the token.

Shiba Inu Burn Report

According to the latest data revealed by Shibburn, the coin’s burn rate saw a significant drop of 62.21% over the past twenty-four hours. At the time of writing, over 46.14 million SHIB tokens were burned on the last day, challenging the burn report from the previous day.

Moreover, efforts by the Shiba community have resulted in the burning of over 410 trillion SHIB tokens from the initial supply, aiming to enhance the SHIB tokenomics.

The burning of Shiba Inu primarily targets inducing scarcity, thereby increasing the value of the remaining tokens. By reducing the circulating supply, the burn rate aims to counter potential inflationary effects associated with heightened token minting or distribution.