In a significant move, a large number of SHIB tokens (20,423,263) were transferred to a dead wallet, effectively removing them from circulation permanently. This is part of a deliberate strategy to reduce the overall supply of the Shiba Inu token and potentially increase its value over time. Additionally, another 12,938,434 SHIB tokens were also burned in a separate transaction. These two transactions contribute to a total of 35,079,546 tokens burned in the last 24 hours. The burn rate for SHIB has increased by 133.07% in this time frame and by 60.25% in the last seven days. Despite this, SHIB's price has rebounded slightly and remains on an upward trend. In the broader context of the crypto market, altcoins are gaining traction, and altcoin volume is now higher than BTC volume, suggesting the possibility of an alt season.



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