Shiba-inu burn rate increases to a record 280%
Shiba Inu (SHIB) burn rate surges 280%, fueling investor optimism.
The Shiba Inu (SHIB) burn rate witnessed a massive 280% surge on January 30, igniting optimism among investors as the broader crypto market rebounded.
According to Shibburn, a total of 12.5 million SHIB tokens were permanently removed from circulation in the last 24 hours, significantly reducing the supply, reports CoinGape.
SHIB’s burn mechanism operates by sending tokens to an unrecoverable wallet, effectively reducing the available supply and increasing scarcity—potentially impacting price action in line with supply and demand principles. As a result, Shiba Inu’s total circulating supply now stands at 589.25 trillion tokens.
Community Developments Strengthen Market Sentiment
In addition to the burn rate spike, community-driven advancements have fueled renewed confidence in SHIB. One notable development is the launch of ShibOS, a blockchain-based operating system designed to offer decentralized applications and platform integration.
The introduction of ShibOS has been met with enthusiasm from the SHIB community, reinforcing bullish sentiment as the project continues expanding its ecosystem beyond meme token status. The burn rate increase, combined with technological advancements, has contributed to positive price action in recent days.
SHIB Price Trends Upward Amid Market Recovery
Following the burn surge, Shiba Inu’s price climbed 1%, reaching $0.00001863 at press time. Over the past 24 hours, the token traded between $0.00001785 and $0.00001878, reflecting growing momentum.
The broader crypto market recovery also played a role in SHIB’s upward movement. Despite unchanged interest rates by the U.S. Federal Reserve, investors remained optimistic about market stabilization.
Recently we wrote, that Shiba Inu (SHIB) has seen a massive surge in trading volume on Coinbase, with the token’s spot trading volume increasing by a staggering 1,711%.
