CandleFocus Shiba Inu Torches 11 Million SHIB as Burn Rate Jumps 367%
2024-10-19
Author: Content Editor
Shiba Inu, the dog-themed cryptocurrency, has seen a 367% increase in burn rate, with over 11.5 million SHIB tokens being sent to dead wallets in just two transactions. This move is aimed at controlling the circulating supply of SHIB and boosting deflation in the ecosystem. The community's commitment to burning tokens indicates positive market sentiment, although investor interest has not yet been reignited. The development team is working on projects to address concerns and improve the asset's performance, including the creation of the Shib DAO Foundation to transform governance. The current price of SHIB has increased by 2.43%, but the market volume is still down.
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