Shibburn tracker data reveals a dramatic spike in Shiba Inu’s burn rate over the last 24 hours. The SHIB community witnessed a staggering increase of 144,045%, marking a significant milestone not seen in recent months. In total, 2,041,299,351 SHIB tokens were sent to unspendable wallets, effectively reducing the circulating supply.
Weekly Burn Rate Doubles
The recent burn rate extended beyond daily metrics. Over the past seven days, the total burn reached an impressive 4,251,012,135 SHIB. This surge represents a weekly increase of 1,990.39%, highlighting the community’s intensified efforts. Many SHIB enthusiasts responded enthusiastically to these developments, sharing optimistic predictions and expressing bullish sentiments on social media.
The SHIB development team recently rolled out a significant upgrade for the Heimdall and Bor hardforks, previously integrated this year. This latest update aligns with Ethereum’s Dencum fork, focusing on enhanced performance, security, and blockchain management within Shibarium.
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The team also introduced a new SHIB burn contract. While they withheld detailed specifics, the announcement promised a considerable reduction in the circulating supply, aiming to add value for SHIB holders.
Price Surge Follows Burn Event
Following the burn news, Shiba Inu’s price saw a notable increase. SHIB’s value jumped by over 10%, rising from $0.00002757 to $0.00003060 within 24 hours. This price movement aligns with the growing optimism surrounding SHIB’s future prospects.
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Shytoshi Kusama, SHIB’s enigmatic founder, recently expressed ambitious plans to elevate Shiba Inu into the top five cryptocurrencies. He emphasized a commitment to this goal, despite a limited budget. Kusama’s statement came shortly before XRP’s surprising leap from seventh to third place in market capitalization, further fueling speculation and excitement within the community.
These developments reflect the SHIB community’s determination to drive growth and create long-term value through strategic initiatives and community engagement.
