CandleFocus Shiba Inu's Burn Rate Skyrockets 880% as 320 Million SHIB Vanish: Details
2024-10-20
Author: Content Editor
Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced an 880% increase in its burn rate, with 320 million SHIB tokens burned in the past week. Token burning involves permanently removing tokens from circulation to reduce the overall supply. While 320 million SHIB represents a small portion of the total supply, this increased burn rate suggests that the Shiba Inu community is committed to reducing the token's supply and increasing its utility. The Shiba Inu ecosystem has also seen a significant increase in transaction activity on the Shibarium Layer 2 blockchain, which is positive for the token's long-term growth prospects.
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