Shiba Inu (SHIB) has seen some drastic activity movement in the past days with a surge in the burn rate of the token. Blaze Token, a newly released token, initiated two transactions wherein a whopping 3.70 Billion SHIB were burned in the form of two separate transactions. While the collective SHIB community has burnt 3.98 Billion SHIB tokens in the last seven days. This total token burn of over 7 Billion SHIB tokens has increased the burn rate of the token. As a result, SHIB’s value has seen a 38071.39% surge in a single day. Currently, SHIB is being traded at the price of $0.000008987, down -4.96% from the previous day with a 24-hour trading volume of $146.37M. The high rate of burns will certainly help the SHIB token in the long-term, despite its recent performance.

It is refreshing to see the Shiba Inu community come together to reduce their supply, as this is an incredible sign of cooperation and strength by the collective SHIB holders. Such act of burning tokens can enhance the healthy growth of several crypto assets, so it is great to witness the SHIB holders taking such an initiative and showing their support. Moreover, with the crypto industry being highly speculative, the SHIB token burn could be a symbol of motivation, as the supply eliminates and burns on the token, the demand is expected to surge, potentially leading to an increase in the price.

As the SHIB token continues to struggle, time will tell if the recent token burn transactions will be of any help to the SHIB token to stand out and come back strong. Though it may be early to predict the actual boosts, it can be said confidently that underlying influences and movements in the entire market are likely going to have a lasting effect on the SHIB token in the near future.



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