The dog-themed cryptocurrency Shiba Inu has seen its burn rate increase by 367%, with over 11.5 million SHIB sent to dead wallets.

Shiba Inu Community Efforts and SHIB Supply Overview

Within the last 24 hours, the community incinerated a total of 11,696,177 SHIB to control the circulating supply. The first transaction saw 3,271,537 SHIB incinerated, and a second transaction followed hours later, sending 8,424,639 SHIB to a dead wallet. Shiba Inu's total supply stands at 589,268,792,658,296, with a circulating supply of 583,543,594,573,618. Meanwhile, 5,725,198,084,677 SHIB have been staked, and the burned SHIB amounts to 410,731,207,341,703 SHIB.

Price Action and Market Sentiment

As of this writing, the price of SHIB has risen by 2.43% to $0.00001929. However, this price increase has yet to spark renewed investor interest. The market volume was still down by 9.96%, at $463.07 million. The community expects changes if the meme coin can sustain its current price trajectory.

The current burn rate signals community commitment to boosting deflation in the ecosystem and stabilizing prices. Additionally, it reflects positive market sentiment towards the asset.