Shiba Inu (SHIB) has been making waves recently with its burn rate decreasing by up to 99.81% in the last 24 hours due to a substantial decrease in burns from the previous day. According to Shibburn, 4,338,024 SHIB tokens were sent to dead wallets in total, indicating a decrease in the number of tokens being destroyed.
This news follows a single transaction of 2 billion SHIB tokens on May 2, which was the largest ever transaction for the cryptocurrency. Shiba Inu benefits from Shibarium’s growing influence and positive reputation, which has led to an increase in the user base of the Puppynet testnet. Shibarium, ShibaSwap 2.0, and the Shiba Inu Metaverse are all projects of the Shiba Inu community, and they aim to introduce utility and other support burns.
Earlier this month, a supporter of SHIB devised a hypothetical computation that could burn 111 trillion tokens per year, which could potentially lead to a significant decrease in the number of tokens in circulation.
At the time of writing, SHIB trades for $0.00001003 with a 24-hour trading volume of $122,090,298. In the past 24 hours, SHIB has increased by 0.97% as per Coingecko.
The recent developments in the Shiba Inu community have been met with mixed reactions, with some supporters optimistic about the potential for growth, while others remain skeptical. However, the overall sentiment seems to be positive, with many investors keeping a close eye on the cryptocurrency’s progress.
The cryptocurrency market is known for its volatility, and it remains to be seen how SHIB will fare in the coming days and weeks. Nonetheless, the recent developments have put the spotlight back on Shiba Inu, and it will be interesting to see how the community responds to the changes in the coming days.
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