Shiba Inu Burns Surge by Over 100% as SHIB Price Attempts Recovery

SHIB burns up 103.45%, with 34,681,610 SHIB burned in 24 hours, a significant increase in the burn rate.
SHIB’s marketing lead expects a new all-time high before or after April’s Bitcoin halving.
Despite recent declines, SHIB shows resilience with a 4.50% surge, trading at $0.0000271.

Over the past day, the Shiba Inu (SHIB) community has witnessed a significant surge in the number of tokens locked away in unspendable wallets, signaling a concerted effort to reduce the circulating supply.

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According to data from Shibburn, a platform tracking SHIB burns, an impressive 103.45% increase in token burns has been recorded within the last 24 hours alone. This surge culminated in the incineration of 34,681,610 SHIB tokens, a substantial figure achieved through multiple transfers to inaccessible wallets. Notably, the largest of these transfers accounted for a staggering 97.08% of the total burned amount, indicating a concerted effort within the SHIB community to bolster scarcity.

Token burns have become a regular occurrence within the SHIB ecosystem, with the community and project team collaborating to diminish the token supply. The SHIB team, in particular, contributes by converting Shibarium gas fees into SHIB tokens and subsequently incinerating billions of tokens periodically.

In light of these developments, Lucie, the marketing lead of SHIB, expressed optimism regarding the coin’s future trajectory. While the broader cryptocurrency market grapples with a phase of price reversal, Lucie remains bullish on SHIB’s prospects.

With the Bitcoin halving slated for the latter half of April, anticipation mounts within the SHIB community for potential price milestones. Despite currently trading at $0.0000271 following a 4.50% increase in the last 24 hours, SHIB enthusiasts remain hopeful for further gains in the near future.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.