The burn rate for Shiba Inu (SHIB) has surged by an impressive 436% in the last 24 hours, with a total of 52 million SHIB tokens removed from circulation, according to data from Shibburn. This significant reduction in supply, coupled with comments from Shiba Inu developer Shytoshi Kusama about SHIB’s future, has continued to pique investor interest.
A Massive Spike in Burn Rate
Shibburn reported that the recent 436.15% jump in SHIB’s burn rate was achieved through six large transactions aimed at reducing SHIB’s circulating supply. The two largest burn transactions saw 38,126,361 and 12,248,273 SHIB removed from the market, totaling 52,341,966 tokens burned. This burn surge has reignited optimism within the SHIB community about the token’s future prospects.
Earlier this week, the burn rate saw another impressive spike of 305%, with 39,593,693 SHIB sent to burn wallets. However, the most significant surge occurred over the past weekend, with an extraordinary burn rate increase of 65,529.67%, despite a smaller amount of 2,652,095 SHIB being burned. These strategic burns aim to balance supply and demand to help stabilize and potentially increase SHIB’s value.
Shytoshi Kusama Highlights Shiba Inu’s Performance
Developer Shytoshi Kusama recently celebrated SHIB’s incredible growth, noting that since its low in September 2020, Shiba Inu has seen an astonishing rise of 33,774,726.7%. This remarkable journey has established SHIB as a prominent player in the crypto world.
After a 14.66% rise earlier in the week, SHIB’s price experienced a slight 5% pullback over the past 24 hours. However, the notable burn rate increase has helped maintain strong community engagement. Investors and SHIB supporters continue to watch the price fluctuations closely, with many believing that these burns reinforce confidence in the token’s long-term potential.
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