The recently trending dog-themed cryptocurrency that soared by 367 % in its burn rate sent more than 11.5 million SHIB to the dead wallets in the past two transactions.
The latest update from Shibburn shows that in the past 24 hours the community burnt a total of 11,696,177 SHIB, in addition to regular reduction of circulating supply efforts.
Then just the second transaction burned 8,424,639 SHIB, followed by the first, which incinerated 3,271,537 SHIB. These burns highlight the Shiba Inu community’s desire to lower the overall supply of the token and push deflation in order to stabilize the token’s price.
Shiba Inu Supply Overview
To date, the Shiba Inu supply is 589.26 trillion SHIB total, with a circulating supply of 583.54 trillion SHIB. Out of this 5.72 trillion SHIB has been staked, and 410.73 trillion SHIB has already been burned.
While this is a big increase in burn rate, Shiba Inu market activity still does not appear to be moving. However, SHIB remains up 2.43 percent at $0.00001929, while trading volume has fallen by 9.96 percent to $463.07 million. The price increase is good in that respect, but no massive wave of new interest hasn’t been sparked yet.
Shiba Inu community is still hopeful that with burn alongside price growth, the attention to the asset will finally arrive in future. But they’ve also asked the development team to address the ongoing fear, uncertainty and doubt (FUD) surrounding the token’s future.
According to Shiba Inu’s marketing lead, Lucie, developers behind Shytoshi Kusama’s announced key projects are indeed active. One of these is the Shib DAO Foundation, who wants to change how Shiba Inu’s system is run. SHIB had been urged by Lucie for investors to focus on long term growth instead of figures presented by people who have little invested in SHIB.
