The Shiba Inu community shows success in increasing SHIB burns, impacting the cryptocurrency's price growth.
SHIB Burns Jump 105%
According to the Shibburn platform, over the past day, the Shiba Inu community has burned a significant amount of meme coins, increasing the burn rate by more than 105%. A total of 1,877,749 SHIB were burned, with a 1,000,707 SHIB batch removed from circulation in a single transfer.
44.6 Billion SHIB Removed in 2024
According to Shibburn, over the past year, the SHIB team and community have managed to remove a staggering 44,623,604,014 SHIB from circulation, valued slightly under $1 million. However, many SHIB enthusiasts viewed the data skeptically, questioning the burn's impact on reducing the circulating supply significantly in the coming years. The primary goal of token burns is to reduce the total supply to increase scarcity.
SHIB Price Surges Overnight
Meanwhile, the SHIB meme coin price has surged impressively by nearly 10% over the last 24 hours, rising from $0.00002084 to $0.00002270. This increase followed the rise of the world's most popular cryptocurrency, Bitcoin, which has grown by 3.81% since January 1st.
The Shiba Inu community continues efforts to reduce the number of meme coins in circulation, contributing to the cryptocurrency's price growth.
