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- This week, the Shiba Inu community has burned over $2.9 billion worth of SHIB.
- There were 8 transactions totaling 231,886,112 SHIB tokens burned in the last 24 hours.
Following another significant burn of SHIB tokens, the Shiba Inu burn rate skyrocketed in the previous 24 hours, reaching over 1,450 percent. The community leveraged the meme coin season to accelerate the coin’s burn rate and attract more participants to the cryptocurrency.
This week, the Shiba Inu community has burned over $2.9 billion worth of SHIB, but the price has not moved significantly since other meme currencies have seen more transaction activity. Many observers believe it is high time for another rally for SHIB.
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There were 8 transactions totaling 231,886,112 SHIB tokens burned in the previous 24 hours, as shown on the Shibburn site. The result was an approximately 1,500 percent increase in the SHIB burn rate.
Price Remains Dull
Only two wallets contributed significantly to the burn. Both 16,324,455 and 200,583,666 Shiba Inu tokens were destroyed by the two largest wallets. The total amount of currency in circulation is currently 574.86 trillion, which remains a very large figure.
Shibburn has stated that it plans to launch a website in June to accelerate the burn rate. It will continue to track SHIB burns but will also introduce several new burn-related features. Affiliate programs and the web3 advertising system provide users with the opportunity to earn SHIB.
Meanwhile, Shibarium’s chief developer Shytoshi Kusama and the Telegram group admin have hinted at an August mainnet release. Despite the euphoria surrounding the PEPE meme currency and the resulting influx of investors into other meme coins, Shiba Inu’s price has remained relatively stagnant this week.
