Shiba Inu (SHIB) has experienced a 5 percent price increase in the last week with a strong response to the Shibarium launch.
The Shiba Inu ecosystem has seen a notable increase in its token-burning program, with over 2.3 billion SHIB tokens burned last month.
Shiba Inu seems to be gaining momentum once again with the SHIB price gaining nearly 5 percent over the last week and is currently trading at $0.000007529 with a market cap of $4.4 billion.
The SHIB price surge comes following the strong response to Shibarium after its successful relaunch last month. Within weeks of launch, the Shibarium network clocked 3 million transactions and 1.2 million wallet addresses.
Additionally, Shibarium is poised to potentially defy the expectations of some community members who anticipated disappointment. Despite facing significant backlash over the unveiling of a less efficient burning system, the Layer 2 blockchain team is gearing up to introduce innovative technologies.
Shibarium has ambitious plans, including the launch of its own domain name service called ShibariumID by the end of October, along with the implementation of a digital authentication system. Whether these initiatives will be sufficient to spark a surge in Shiba Inu prices remains uncertain.
Shiba Inu Burn Rate shoots, Will SHIB Price React?
Shiba Inu’s token-burning program continues at a commendable pace, with more than 2.3 billion tokens effectively removed last month, amounting to over $17,500 based on current exchange rates.
In the past 24 hours, SHIB’s burn rate has seen a remarkable surge, spiking by an astonishing 940 percent. This sharp increase in the burn rate has effectively eliminated over 164 million SHIB tokens from the circulating supply. Data from the Shibburn platform reveals that these burns occurred across a total of 50 transactions, with one significant transaction burning a substantial 100 million SHIB tokens, significantly contributing to the rapid rise in the burn rate.
The token supply metrics within the Shiba Inu ($SHIB) ecosystem tell an intriguing story of its development. With an enormous total supply originally set at 410,660,497,072,389 tokens, the project has seen substantial efforts to reduce this supply, resulting in the elimination of nearly 1 quadrillion tokens from its initial issuance. The maximum total supply is capped at 589,339,502,927,610 tokens, demonstrating careful management of token issuance.
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As of the current status, the total supply stands at 579,716,364,904,437 tokens, with a circulating supply of 9,623,138,023,173 tokens available for trading and utilization in the market. Furthermore, there exists a portion of the supply staked as xSHIB, contributing to the overall dynamics and utility of the ecosystem. These supply figures provide insights into the evolving tokenomics of Shiba Inu, which adapts in response to market dynamics and community engagement.
The Shiba Inu burn rate surge is usually positive for the memecoin building expectations of a price rally going ahead.
Shiba Inu Key Partnerships
Last week brought some notably positive news for the cryptocurrency community as HSBC Bank unveiled its integration of SHIB and XRP into its payment system. Wirex and Onramper made a joint announcement, revealing their plans to introduce a crypto payment system covering over 190 countries, and they have chosen SHIB as one of the selected tokens for adoption.
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