Shiba Inu Fiery Burn Surge: A Striking 1100% Spike Amidst Price Plummet

Shiba Inu is generating significant attention in the cryptocurrency space once more, as the community of the self-proclaimed Dogecoin-killer is actively burning substantial quantities of its cryptocurrency tokens, according to data released by the Shiba community.

Against the backdrop of ongoing price fluctuations experienced by the SHIB token, its community has persistently worked towards garnering support to enhance the SHIB tokenomics. To date, the project has burned a significant quantity of tokens.

The Shiba Inu burn rate climbed by 1146.71% in the last 24 hours, burning about 122.10 million tokens, according to statistics released by Shibburn. This website displays SHIB token supply and ignite dynamics.

As of this writing, the circulating supply consists of 580.09 trillion tokens, while the original collection witnessed a burn of 410.66 trillion tokens.

Robinhood’s Global Expansion: Shiba Inu Wallet To Be Included

The burning of tokens mentioned earlier aligns with the recent efforts of the Shiba Inu crypto community to enhance the SHIB tokenomics. Despite the significant number of tokens burned thus far, the observed price surge of the SHIB token is relatively modest.

At the time of composing, the Shiba Inu price experienced a decline of 2.48%, reaching $0.0000083 today. In contrast, the trading volume increased by 61.05%, reaching $282.40 million. Despite a weekly surge of 7.38%, the SHIB price predominantly fluctuates from $0.083 to $0.085.

In the latest developments related to the SHIB token, the fintech company Robinhood has revealed its intentions to extend its services to Europe and the United Kingdom. As part of this expansion, the company plans to introduce a wallet that supports all assets, including Shiba Inu’s and Dogecoin.

Additionally, Shibarium, the dedicated layer-2 blockchain for Shiba Inu, experienced a remarkable surge of 3000% in its daily new contracts. This surge reflects a notable increase in the network’s utilization and overall growth.

Related Reading | India Crypto Tax Policy Fails To Achieve Aims, Think Tank Says

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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