The activity of burning Shiba Inu has increased significantly, leading to a rise in the price of SHIB

Lisette Lémieux
12 Dec 2023
Shibburn reports a significant increase in the burning of Shiba Inu tokens, indicating efforts to support SHIB tokenomics and catching the attention of cryptocurrency enthusiasts.

Shibburn, a platform that provides updates on SHIB burning, has reported a significant increase in the burning of Shiba Inu tokens. Although the SHIB price has only experienced a modest rise, the notable increase in token burning has caught the attention of cryptocurrency enthusiasts.

The Shiba Inu crypto community has been consistently burning tokens in recent days, which can be interpreted as efforts to support SHIB tokenomics. The increase in burning appears to be a concerted effort by the community to boost SHIB tokenomics. At the time of writing, the total amount of tokens burned from the initial supply is 410.662 trillion, with the circulating supply having a massive volume of 580.417 trillion.

Two notable SHIB burning transactions have caught the attention of market participants. The first transaction involved the burning of approximately 7.15 million SHIB by an unknown wallet address 0x60812…, while the second transaction involved the burning of 2 million SHIB by another unknown wallet address 0x74dec....

The Shiba Inu price has experienced a noticeable increase of 1.23% in the past twenty-four hours and is currently trading at $0.00000821. The trading volume has seen a significant decrease of 23.11% and currently stands at $94.83 million. The token price has witnessed a 9.25% increase in the past 30 days, gaining significant momentum in the upward direction.

According to data provided by Shibarium, the total number of transactions on the network has surpassed 4 million, reaching another milestone. Additionally, there has been an approximate 15,000% increase in the number of SHIB wallets with a balance of 0 dollars compared to February 2021 data.

Shibburn has conducted a burning of 9.13 million SHIB, marking a significant increase of 128.37% in the burning rate as of November 24th.

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