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Shiba Inu Team Hints At Major Development To Boost SHIB Burn – Crypto News

Published

1 year ago

July 1, 2024

Dripp

Shiba Inu’s burn rate has skyrocketed by an astonishing 3800%, drawing attention from the crypto community. Notably, the optimism over the skyrocketing burn rate further deepens with a recent cryptic post from the Shiba Inu marketing lead LUCIE. In a recent update, LUCIE suggests an upcoming initiative that could further boost the token burn rate, sparking widespread speculation and excitement among investors.

Shiba Inu Burn Rate Soars Amid Cryptic Tease from Team

The leading meme coin, Shiba Inu Coin has captured the spotlight with a dramatic increase in its burn rate, surging nearly 3800% in a short span. This remarkable uptick aligns with a recent cryptic message from LUCIE, Shiba Inu’s marketing lead.

In a post on the X platform, LUCIE hints at further surge in the SHIB burn rate. Precisely, LUCIE said that development is under process which can enhance the burn rate of Shiba Inu. LUCIE stated:

Me & Shibacals are cooking up something special – get ready to see some Shib burn!

Shibacals, a platform supported by the Shiba Inu ecosystem, connects real-world assets with NFTs, and its collaboration with LUCIE suggests an innovative approach to burning SHIB. Meanwhile, the concept of burning tokens involves removing them from circulation, effectively reducing the total supply. This mechanism can potentially enhance the token’s value by creating scarcity.

According to Shibburn, a tracking site dedicated to Shiba Inu burn activities, the token’s burn rate soared 3750.33% over the past 24 hours. A staggering 300.34 million SHIB were taken out of circulation, with one wallet address, “0x7fe…11264,” being particularly noteworthy for its significant contribution.

This wallet alone destroyed 290.43 million SHIB in a single transaction. With the recent burning spree has brought the total number of SHIB tokens removed from the initial supply to 410.72 trillion.

Also Read: Ethereum ICO Whale Dumps 7K ETH After $60 Million Selloff by Institutions

A Look At the Price & Market Sentiment

The Shiba Inu community has been actively engaged in efforts to reduce the token’s supply. Recent data from Shibburn revealed that approximately 920 million SHIB tokens were burnt in June across 237 transactions.

This represents a monthly increase of 148.69% compared to May, highlighting the growing momentum behind the burn initiatives. Besides, this significant reduction in supply is expected to have positive implications for the meme coin’s value, provided that the demand remains consistent or increases.

Meanwhile, despite the positive momentum, SHIB price traded near the flatline during writing, after touching a 24-hour high of $0.00001756. However, its trading volume jumped 48% to $199.40 million from yesterday. Furthermore, CoinGlass data showed that Shiba Inu Open Interest soared by 4%, reflecting the growing market interest in the meme coin.

Also Read: Tether Reveals Major Partnership For USDT Adoption

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