Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds

dogecoin killer Shiba Inu (CRYPTO: SHIB)’s burn rate increased significantly, increasing by a whopping 172%.

This surge coincides with a notable recovery in SHIB market prices, marking a promising turnaround for the dog-themed digital currency.

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According to a post by Shibburn of X on Friday, due to the accelerated burn rate, 5,221,667 SHIB tokens were removed from circulation and sent to “dead” wallets where they can effectively no longer be traded or accessed.

There have been a total of 5,221,667 hits in the last 24 hours. $SHIB The token was burned and 6 transactions occurred.visit To display the overall total #SHIB Token burning, supply circulation, etc.

— Shibburn (@shibburn) April 19, 2024

The move follows a period of weak performance for SHIB as prices struggled under broader market pressures.

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However, the token managed to recover and rose from a low of $0.00001837 on April 13 to fluctuating within a range of $0.0000205 to $0.00002386.

Also read: 374 million Doges moved from Robinhood to unknown wallets during Dogecoin crash

At the time of writing, SHIB is trading at $0.00002317, up 3% in the past 24 hours.

The Shiba Inu community is currently buzzing with excitement and anticipation as developers continue to introduce upgrades aimed at strengthening the Shiba Inu ecosystem.

In particular, Shiba Inu’s Layer 2 solution, Shibarium, has received user interface updates and expanded wallet compatibility to include MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect, making it more user-friendly for a wide range of users. Connection settings are now easier.

Reflecting the team’s commitment to prioritizing user experience and development speed, Shibarium’s website has also been moved to the domain.

Read now: Forget Dogecoin or Shiba Inu — this meme coin soared nearly 70% in just 24 hours

Photo: Shutterstock

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