Shiba Inu (SHIB), the dog-inspired crypto, has made a stunning comeback after a long silence. Its price has surged by over 30% in just one month, thanks to a powerful combination of factors, with the most remarkable being an unprecedented burn rate.
Shiba Inu community has set ablaze a remarkable amount of SHIB, with the burn rate skyrocketing by an astonishing 160,000% in just 24 hours.
Read Also: Two Ethereum Whales Buy 3.6 Trillion SHIB within 2 Hours with 8 Transactions
This strategic move aims to address the issue of SHIB’s abundant circulating supply, with a staggering 8.6 billion tokens going up in digital smoke. With over 41% of the total supply already burned, scarcity is becoming synonymous with SHIB, leaving investors eager for more.
The blazing inferno of token burning isn’t the only force driving SHIB’s momentum. The introduction of Shibarium, Shiba Inu’s dedicated layer-2 blockchain platform, has been a game-changer.
As a high-speed highway for SHIB transactions, Shibarium alleviates congestion on the Ethereum network, enabling millions of smooth daily transactions. With a remarkable 160 million transactions already processed, Shibarium is a crucial component in the Shiba Inu ecosystem, attracting new users and developers.
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Profit Party and the HODL Exodus
The celebration isn’t limited to hardcore Shiba Inu enthusiasts. Nearly 40% of SHIB holders are now reveling in profitable returns, a stark contrast to the gloomy scenario just three months ago when 90% grappled with losses.
This newfound optimism is further fueled by a massive movement of SHIB tokens from exchanges to self-custody wallets. Investors securely hold their SHIB close, indicating their confidence and belief in a brighter future for this canine-inspired coin.
Read Also: This Company Just Burned 103 Million SHIB in A Single Transaction
While the signs are undeniably positive, it’s important to approach this surge with caution. The cryptocurrency landscape is rife with fleeting trends and shattered dreams. Will SHIB’s current momentum lead to a full-scale Shiba Inu frenzy? Only time will reveal the answer.
However, Shiba Inu is certainly forging its own path, driven by a potent combination of strategic token burning, a dedicated blockchain platform, and a cautiously optimistic community.
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