The Shiba Inu cryptocurrency (SHIB), known for its dog-themed branding, has experienced a significant boost in its burn rate, surging by 172%.
This increase coincides with a noticeable recovery in its market price.
The rise in the SHIB burn rate entails a substantial volume of tokens being permanently removed from circulation, sent to an inaccessible “dead” wallet.
As reported by Shibburn X on social media, six transactions alone have accounted for the burning of 5,221,667 SHIB tokens, marking a 172.16% increase in the burn rate.
The boost in the token burn rate has been accompanied by a rebound in SHIB’s market value.
Previously pressured by unfavorable broader market conditions, SHIB has recently regained momentum, resulting in positive returns for investors.
This recovery follows a period of subdued trading activity.
Analyzing the price trends, SHIB had touched a low of $0.00001837 on April 13 and has been trading between $0.0000205 and $0.00002386 since.
However, the token saw a dip to $0.0000208 in today’s session before bouncing back. At the latest check, SHIB’s price was up by 5% in the past 24 hours, reaching $0.000232.
The resurgence in both the price and burn rate of SHIB may be attributed to several factors.
These include a general recovery in the cryptocurrency market and heightened trading activity.
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This has helped propel SHIB to higher levels, rekindling investor interest and optimism.
The Shiba Inu community has been buzzing with excitement and anticipation, driven by continuous development efforts to enhance the SHIB ecosystem.
One notable development is the Shiba Inu layer 2 solution, Shibarium, which recently underwent a significant update.
This update includes a new user interface and expanded wallet compatibility.
Shibarium now supports major wallets like MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect, offering users more flexibility in how they connect.
Moreover, Shibarium has been redesigned from scratch with a focus on improving user experience and transaction speed.
Additionally, the platform has launched a new website, now hosted at the shib.io domain, signaling further growth and development within the Shiba Inu project.
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