Shiba Inu cryptocurrency set a record by burning nearly 1 billion SHIB tokens in 24 hours, leading to a 43,325% surge in burn rate.
Massive SHIB Token Burn
Last week, Shiba Inu conducted one of its largest token burns, incinerating nearly 1 billion SHIB. This event is part of a strategy to reduce inflation and increase the token's market value.
ShibTorch Upgrade
The token burn was part of an upgrade to the ShibTorch portal, integrated into the Shibarium Layer-2 blockchain. This upgrade enables users to contribute to the ecosystem's deflationary mechanics by reducing the total number of tokens in circulation. Kaal Dhairya, a key figure in the Shiba Inu ecosystem, announced this milestone on X (formerly Twitter).
Long-term Prospects for SHIB
The gradual decrease in SHIB's circulating supply may create scarcity and boost future demand for the token. Recently, there was a noted increase in SHIB’s active addresses by 1.15% in the last 24 hours, despite a significant drop in whale transactions.
The burning of nearly 1 billion SHIB tokens will be a key component in Shiba Inu's long-term strategy to boost the cryptocurrency's market value and attract investor interest in its ecosystem.