Dogecoin killer Shiba Inu SHIB/USD saw a significant increase in burn rate, increasing by an impressive 172%.
The surge coincides with a notable rebound in SHIB’s market price, marking a promising turn for the dog-themed digital currency.
According to a post by Shibburn on
In the last 24 hours there were a total of 5,221,667 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the grand total of #SHIB tokens burned, circulating supply and more. pic.twitter.com/cAIOBDOiAC
This development follows a period of lackluster performance for SHIB, with its price struggling under pressure from the broader market.
However, the token managed to recover, rising from the low of $0.00001837 on April 13 to fluctuate in a range between $0.0000205 and $0.00002386.
Read also: Amid Dogecoin Collapse, 374 Million DOGE Moved From Robinhood to Unknown Wallet
At the time of writing, SHIB was trading at $0.00002317, up 3% over the past 24 hours.
The Shiba Inu community is currently full of excitement and anticipation as developers continue to introduce updates aimed at improving the Shiba Inu ecosystem.
Notably, Shiba Inu’s Tier 2 solution, Shibarium, has received a UI update and expanded its wallet compatibility to include MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect, facilitating various connection preferences of the user.
Shibarium’s website has also migrated to the shib.io domain, reflecting the team’s commitment to prioritizing user experience and development speed.
Now read: Forget Dogecoin and Shiba Inu: This Meme Coin Rises Nearly 70% in Just 24 Hours
Photo: Shutterstock