29 May 2023 07:01, UTC
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SHIB News: Shiba Inu burn rate soared over 1450% in the last 24 hours after another massive burn of SHIB tokens. The community leveraged the meme coin season to increase the burn rate and number of users holding Shiba Inu.
Over 2.9 billion SHIB have been burned by the Shiba Inu community this week, but the price hasn’t shown any significant shift as other meme coins recorded the highest trading volume. Most believe it’s time to bring a rally back to SHIB.
Shiba Inu Burn Rate Soars Amid Rising Sentiment
According to the Shibburn portal, 231,886,112 SHIB tokens were burned in 8 transactions in the last 24 hours. As a result, the SHIB burn rate jumped nearly 1500%.
Mos of the burn were contributed by two wallets. A dominant Shiba Inu wallet burned 200,583,666 SHIB tokens and another wallet burned 16,324,455. The circulating supply has now reduced to 574.86 trillion, which is still higher.
Shibburn announced launching a website in June in order to increase burn rate. It will still track SHIB burns, but introduce several tools to help with burns. Users can earn SHIB through an affiliate program and web3 advertising system.
Meanwhile, lead developer Shytoshi Kusama and Shibarium telegram group admin hinted at likely launch of the Shibarium mainnet near August.
Also Read: Degen Ben.eth To Launch 3rd Scam Meme Coin After BEN and PSYOP
SHIB Price to Rally Amid Positive News?
Shiba Inu continued to move sideways this week falling 15% in May amid PEPE meme coin hype and investors flocking to other meme coins.
SHIB price currently trades at $0.0000087. The 24-hour low and high are $0.0.00000870 and 0.00000889, respectively.
Also Read: Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token
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