The Shiba Inu (SHIB) community is buzzing with excitement as the token's burn rate has surged over 1,000% in the past 24 hours. According to Shiburn data, a staggering 51,763,782 SHIB tokens were sent to dead wallets, effectively removing them from circulation. This significant burn activity marks one of the largest single-day reductions in SHIB's supply in recent weeks.
Weekly Burn Rate Surges
Over the past seven days, a total of 2.44 billion SHIB tokens have been burned, representing a 10.57% increase in weekly burn rates. This consistent reduction in supply is expected to have a positive impact on SHIB's price in the long run, as it adheres to the fundamental economic principle of supply and demand.
Increased Trading Volume
The surge in burn activity has also sparked renewed investor interest in SHIB. Trading volume has jumped over 109% in the past 24 hours, indicating a significant influx of buying and selling activity.
Shibarium's Growth Fuels Optimism
Recent developments within the Shiba Inu ecosystem, particularly the impressive growth of its layer-2 solution, Shibarium, have further fueled investor optimism. Shibarium's Total Value Locked (TVL) has skyrocketed by 851%, demonstrating strong adoption and usage of the blockchain.
Price Action
Despite the significant burn rate surge, SHIB's price has dipped 12% in the past 24 hours, currently trading at $0.00002693. However, the token has seen a 12% price increase over the past week, suggesting potential for further upside in the near future.
December 2024, Cryptoniteuae