The Shiba Inu (SHIB) successfully burned a significant number of tokens in the past 24 hours.
This burning spree involved moving SHIB tokens to inaccessible wallets, effectively reducing the circulating supply.
The sudden surge in burning activity followed a bullish statement from Shytoshi Kusama, the lead developer of SHIB, which breathed new life into the token.
Earlier in the week, the SHIB token faced a negative burn rate, indicating a lack of burning activity. However, after Shytoshi Kusama’s positive remarks about the token’s price, the burn rate skyrocketed by more than 100%.
According to data recently shared by Shibburn, a tracking website for SHIB token burns, a total of 45,379,403 SHIB tokens were moved to dead-end blockchain addresses in the past 24 hours.
This impressive surge in burning activity propelled the burn rate from below zero to an impressive 100.54%.
The burning spree featured a range of transactions, with the largest involving 9,891,756 SHIB tokens and the smallest comprising 14,292 meme coins.
This diversity in burn sizes showcases the collective effort of the SHIB community in reducing the token’s supply.
Notably, this is not the first time the SHIB community has taken action to reduce the token’s circulating supply. In the previous week, the community managed to remove a substantial 341,152,570 SHIB tokens from circulation, further demonstrating their dedication to the project.
Earlier this week, Shytoshi Kusama, the leader of the SHIB development team, responded to a commentator’s concerns about the stagnant SHIB price.
Kusama shared an insightful message, emphasizing that sustained effort and hard work are essential for the growth of the beloved meme coin.
While SHIB remains a focal point, it’s worth noting that Shytoshi Kusama’s latest project, Shibarium, a Layer-2 blockchain, is also gaining attention within the community.
The future holds exciting prospects for both SHIB and Shibarium as the community continues to work diligently to shape their success.