Dog themed meme piece Shiba Inu SHIB/USD saw a massive 2,133% increase in burn rate, followed by a 10% price increase.
What happened: According to Shibburn, a platform that collects Etherscan burn transaction data and presents it to the SHIB community, reported six burn transactions in the last 24 hours.
These transactions resulted in the removal from circulation of a total of 34,312,733 SHIB. This high burn rate resulted in a 2,133% increase in the Shiba Inu’s burn rate measurement.
Most of the burned SHIB was destroyed in a single transfer, which moved 31,483,015 SHIB to an unusable blockchain wallet. Two other large transfers moved 1,000,000 and 1,259,569 SHIB to the same destination.
Read also: Shiba Inu’s 208% Rise This Year Sparks Predictions for Top 10 Cryptocurrency Rankings in 2025
The leader of the SHIB community, known as Shytoshi Kusama, announced on his official X account that he plans to take a break from social media for a few days. This is due to the launch of a new Shibarium TREAT token and the completion of “2 extremely important items”.
Why it’s important: The increased burn rate of the Shiba Inu and the resulting price increase are significant because they indicate high demand for the meme coin. Burn rate is a measure of how many coins are removed from circulation, thereby reducing supply and potentially driving up the price.
Also adding to the intrigue is SHIB community leader Shytoshi Kusama’s announcement regarding his temporary departure from social media and the launch of a new Shibarium token.
The market will closely monitor developments around the new token and the impact it may have on the price of SHIB.
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