The Shiba Inu community has made a significant impact in reducing the circulating supply of SHIB tokens, as they burned a staggering 33 million tokens in just 24 hours. This impressive feat resulted in a 529.72% increase in the burn rate compared to the previous day.
According to Shibburn, a community-driven SHIB burn tracker, a total of 33,281,367 SHIB tokens were burned across ten transactions during this period. This ongoing effort by the Shiba Inu community aims to decrease the overall supply of the cryptocurrency.
Not stopping there, the community continued to burn more tokens, bringing the total burn in the last 24 hours to an astonishing 37,534,163 (37.5 million) tokens. This represents a remarkable increase from the previous day’s amount.
The tokenomics of Shiba Inu reveal a significant reduction in the initial supply, with a total of 410,727,009,502,240 SHIB tokens burned so far. This has greatly impacted the maximum total supply of 999,982,352,290,136 SHIB. Currently, the total supply stands at 589,272,990,497,759 SHIB, with 583,313,391,776,342 SHIB in circulation.
These recent burn transactions demonstrate the community’s unwavering commitment to decreasing SHIB’s circulating supply. Notable transactions include the burning of 5,000,000 SHIB and 10,027,548 SHIB.
In addition to individual burns, the Shiba Inu community is actively exploring broader initiatives to further reduce the circulating supply. A proposal to burn SHIB tokens through major exchanges such as Binance and Coinbase has gained significant traction. A poll initiated by an enthusiast called ‘Shiba Arab Army’ shows that 95% of participants support this proposal, while only 5% are against it.
Despite these efforts, the price of Shiba Inu (SHIB) currently stands at $0.0000179, reflecting a 4.14% decline in the last 24 hours and a 17.52% decline over the past week.
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