Shiba Inu Removes 290,000 Shib Tokens From Supply, Burn Rate Soars By 6,100

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• The Shiba Inu network has reduced its circulating supply after burning 290,321 SHIB coins over the past week. The event resulted in the token's price rising to a four-month high.
• SHIB's burn rate witnessed a whopping 6,200 increase while its total supply was reduced to 589.26 trillion. In the span of a week, 135 million SHIB was taken out of circulation.
• The Shiba Inu community is endorsing further token burns as they believe a diminished supply would excerpt upward price pressure for SHIB. The community is supporting the cause by transferring massive amounts of tokens to inactive wallets that will eventually be brunt.
• Whales are entering the meme coin space, accumulating massive amounts of SHIB to drive up its price much higher. In the process, smaller SHIB holders are being put aside as large-scale investors are taking advantage of the bullish meme coin.

Earlier today, the burn rate of Shiba Inu SHIB, the world's second-largest meme cryptocurrency by market capitalization , witnessed a massive 6,200 surge in its burn rate. This development has sparked significant investor optimism worldwide.

Shiba Inu Burn Rate Soars By 6,200

According to data shared by Shibburn, the meme coin network burned 290,321 SHIB tokens from supply over the last 24 hours. This resulted in the price of Shiba Inu experiencing impressive growth as investors are turning their attention towards trending meme coins. Meanwhile, the dog-themed cryptocurrency's total supply has reduced to 589.26 trillion.

About 135 million SHIB tokens were eliminated from supply in the course of the previous seven days. The substantial increase in the token's burn rate is crucial because it reduces its circulating supply while exerting pressure on its price to move upwards as investor demand remains consistent or rises.

The current increase in SHIB's burn rate is driven by the Shiba Inu community's efforts to augment its value.