The Shiba Inu community is buzzing with news of a large token burn, as 13,046,414 SHIB was transferred to a dead wallet in a single transaction. This burning strategy is aimed at reducing the total supply of SHIB, potentially increasing its value. It is unclear who initiated the burn, but it could be the community, a large holder, or an automatic transaction tied to the ongoing burn initiative. In the past 24 hours, a total of 13,822,329 SHIB were burned, representing a significant decrease in the burn rate. Additionally, the Shiba Inu ecosystem has seen a major upgrade to its decentralized exchange, ShibaSwap, introducing supercharged liquidity pools and new user-friendly features. However, cryptocurrency prices, including SHIB, have dipped due to a massive $1.5 billion theft on the Bybit exchange, which is estimated to be the largest crypto theft ever. Despite the developments, SHIB is down in the last 24 hours and nearly 7% for the week.



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