- Shiba Inu burning activity jumped 144,223% in 24 hours, significantly reducing the circulating supply.
- Over 4.25 billion SHIB tokens have been burned over the past seven days, demonstrating strong community engagement.
Data published by Shibburn shows that the Shiba Inu (SHIB) community has made incredible progress by burning over 2 billion SHIB tokens, an increase of 144,223.06% from past activity. Reflecting an even more astonishing increase of 1,995.88%, the burn rate reached 4.25 billion SHIB tokens over the past seven days.
SHIB is trading at over $0.00003158 at the time of writing; he won 3.97% over the last 24 hours and displays a 23.72% increased over the last 7 days. Shiba Inu is now the 12th largest cryptocurrency with a market capitalization of $18.61 billion.
Growth of the Shiba Inu ecosystem fueled by community engagement and Shib Hub
Complementing this positive sentiment, the Shiba Inu Network has seen an unprecedented increase in wallet generation. According to CNFthe ecosystem welcomed 7,548 new wallets, an increase of 214% from the daily average of 2,400 wallets.
Santiment, a leading blockchain analytics company, explained this increase in growth as the result of great community involvement, which exceeds the usual expansion rates in other projects.
The Shiba Inu’s growing popularity also comes from changes in its ecosystem. Lead concept developer, Shytoshi Kusama, revealed “Shib Hub” at the Blockchain Futurist Conference 2024.
Intended to be the hub of the Shiba Inu ecosystem, this super app allows users to earn, study, communicate and create in a distributed environment. Designed to increase community interaction and accelerate the adoption of developing technologies, Shib Hub has key elements including a Web3 gaming platform and an NFT marketplace.
Furthermore, the Shiba Inu community has often demonstrated active involvement through several projects. Attracting players from all over the world, the first Shiba Eternity The Web3 gaming event took place last September. This event highlighted the growing appeal of the Shiba Inu gaming platform as well as its ability to encourage Web3 spatial interaction.