Shiba

Shiba Inu

Shiba Inu (SHIB) burn rate experienced an extraordinary surge, increasing by 420% in the last 24 hours.   
Shibburn, a leading SHIB token burn tracker, reported 5.3 million SHIB burned across six transactions during this period. This surge, which reached a burn rate of 421.41%, has sparked interest in the <a href="https://optimisus.com/news/crypto-news/shiba-inu-shib-price-jumps-amid-token-burning-slowdown-and-shibarium-testnet-surge/">SHIB</a> community.   
As a result, the price of <a href="https://optimisus.com/news/crypto-news/shib-token-surges-with-110-million-in-massive-24-hour-transactions/">Shiba Inu</a> increased marginally, rising by 1% to $0.00001038 at the time of reporting. The meme coin has gained nearly 25.3% in the last month, fueling speculation of further gains.   
The increased activity in token burns indicates that SHIB holders are taking part in reducing the circulating supply.   
Burning <a href="https://optimisus.com/news/crypto-news/bonk-meme-coin-surges-by-over-50-outperforming-dogecoin-and-shiba-inu/">SHIB tokens</a>, according to the tokenomics model established by SHIB's pseudonymous creator, Ryoshi, contributes to scarcity, thereby supporting price discovery.   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/shibburn/status/1737699686427828369?s=20 
 </div>
</figure>   
Aside from the increase in token burns, the Shiba Inu team highlighted another significant accomplishment. Shibarium, Shiba Inu's highly anticipated layer-2 solution, has recorded over 150 million transactions to date.   
Shibarium aims to unlock the full potential of the SHIB token by enabling faster and more cost-effective transactions.   
Shiba Inu has quickly risen to prominence in the crypto world, amassing a massive social media following known as the "Shib Army."   
However, concerns about high volatility and criticisms about real-world utility have cast doubt on its long-term viability.   
The recent increase in burn activity and the Shibarium ecosystem's achievement of a milestone provides some reassurance, addressing some community concerns. 
The post <a href="https://optimisus.com/news/crypto-news/shiba-inu-shib-burn-rate-surges-by-over-400-in-the-last-24-hours/">Shiba Inu (SHIB) burn rate surges by over 400% in the last 24 hours</a> appeared first on <a href="https://optimisus.com">Optimisus</a>.

Shiba Inu (SHIB) burn rate surges by over 400% in the last 24 hours

Optimisus

Other articles published on Dec 21, 2023

Job Security And The Use Of AI

South Korea and U.S. Leaders Gear Up for Critical Crypto Regulation Talks in 2024

Eyes on SOLANA as Rally Flames Show No Sign of Fading

More Crypto Companies Embrace AI – Don’t Miss This Announcement

Bitcoin Approved in Argentina for Contractual Deals, Says Foreign Chief

Humanode in Simple Terms - Staking vs LP staking

Join our free newsletter for daily crypto updates!