Shiba Inu burn initiative has yet again experienced a significant rise in its token burn rate, which saw millions of SHIB being sent to the burn address, thereby reducing its circulating supply.
Shiba Inu Burn Rate On The Rise
By lowering the number of SHIB tokens in circulation, the Shiba Inu burn feature seeks to decrease the total supply of the meme coin, making it more valuable and possibly improving the price of Shiba Inu.
According to Shibburn – the platform that tracks SHIB burn, the burn rate has increased drastically in the last 24 hours. Data from the tracking platform revealed that the feature has increased by over 4205% in the past day.
The rise in burn rate comes after the Shiba Inu team announced the launch of its ERC-404 token standard-based Non-Fungible Token (NFT) collection dubbed SHEboshi. Shibburn disclosed that over 86 million SHIB tokens have been sent to the burn address in the last 24 hours, resulting in an uptick.
This suggests that the Shiba Inu
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