- SHIB experiences a 779,000% spike in token burns, setting a new record.
- Over eight billion SHIB tokens are removed, signaling the importance of burns for price surges.
- Despite a 10% price spike, SHIB’s 589 trillion total supply underscores the necessity for ongoing burns for sustained growth.
Shiba Inu’s (SHIB) crypto landscape witnessed an unprecedented surge, with a monumental 779,000% increase in the burning of SHIB tokens in a 24-hour whirlwind. This astounding feat set a new benchmark, marking it as the most significant burn in the meme-inspired cryptocurrency’s history.
Read CRYPTONEWSLAND on 
google news
Within the span of just 24 hours, a staggering 8.62 billion SHIB tokens were effectively withdrawn from circulation, finding their way into dormant wallets. Token burns, a pivotal facet within the Shiba Inu ecosystem, are perceived as catalysts for price upswings.
Source: Shibburn
The impact on SHIB’s price was palpable, witnessing a 10% surge in the last 24 hours, marking its highest point in four months, currently trading at $0.00001072. Despite these burns, SHIB’s total supply remains formidable at 589 trillion SHIB.
Previously, the team executed an eight billion SHIB token burn funded by network fees on Shibarium, committing 70% of these fees for future burns. Shytoshi Kusama, the lead developer, teased plans to eliminate over $1.2 million worth of SHIB tokens from circulation, emphasizing impending burns tied to increased adoption in 2023.
As the Shiba Inu community anticipates further burn events and potential price escalations, the cryptocurrency remains a focal point in the crypto market. Its unique approach, bolstered by the team’s dedication to reducing supply, underscores its aspiration for sustained long-term growth.
Read also:
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://cryptonewsland.com/shiba-inus-token-burn-sparks-over-770000-surge/
