Shiba Inu (SHIB) is determined to transcend its status as a mere meme coin in 2023. With a surge in token burn rate and ongoing development of its infrastructure to impact the DeFi market, SHIB aims to make a lasting impression. The passionate community behind this cryptocurrency has been actively burning tokens and showcasing unwavering dedication through initiatives like charitable donations to animal shelters. Social media platforms such as Reddit and Twitter are abuzz with discussions about SHIB’s potential.
Surging SHIB Burn Rate
The burn rate of SHIB refers to the process of removing tokens from circulation, thereby decreasing the total supply and potentially increasing the value of the remaining tokens.
The Shiba Inu community, in collaboration with the recent launch of the Shibarium testnet, has made remarkable progress in reducing the supply of SHIB tokens. Demonstrating exceptional commitment, the SHIB army successfully burned an equivalent number of meme tokens compared to those transferred to inactive wallets over the past week.
Data from the Shibburn tracker reveals a staggering total of 225,049,340 Shiba Inu tokens permanently removed from circulation within the last day through several transactions. This achievement marks a remarkable 1347.58% increase in the burn rate.
This milestone showcases the strong demand and interest in SHIB within the crypto community. As more tokens are burned, the scarcity of SHIB increases, potentially bolstering its value. Out of the total 1 quadrillion tokens, approximately 410.63 trillion have been destroyed since the inception of this meme coin. Last month, the Koyo token project made significant strides by burning an astounding 1.49 billion tokens in a single transaction.
Will Shiba Inu Price Scale New Heights?
In 2023, Shiba Inu announced the launch of a layer 2 scalability project called Shibarium. This initiative aims to enhance Shiba Inu’s utility and drive its value, positioning it as a prominent meme coin.
As of now, the price of Shiba Inu hovers around $0.000008759, experiencing a 0.33% decrease in the past 24 hours. It currently holds the #15 rank on CoinMarketCap, with a live market cap of US$5,154,861,804. The circulating supply stands at 589,353,535,238,474 SHIB coins, while the maximum supply remains.
However, Shiba Inu witnessed a buying frenzy last week, with the acquisition of 21.5 trillion tokens. This surge in buying activity resulted in a price uptick, making SHIB a focal point in the crypto universe. Achieving a value of US$1 would require a substantial increase, although not entirely impossible. Such a leap would necessitate significant market factors aligning, including a substantial influx of capital, widespread acceptance of the coin, and favorable regulatory circumstances.
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