144 Shiba Inu (SHIB/USD), often hailed as the ‘Dogecoin killer,’ has experienced a significant spike in its token burn rate, surging over 300% within just 24 hours. This notable increase is linked to a substantial transaction that permanently removed a whopping 12 million SHIB tokens from circulation, as per data from Shibburn. The upswing in burn rate marks a noteworthy development for Shiba Inu, which has shown strong performance, boasting a 33% increase in 2023. This positive momentum aligns with advancements in the SHIB Ecosystem, including the much-anticipated launch of Shiba Inu Layer-2 solution Shibarium, eagerly awaited by the SHIB Army, the collective term for Shiba Inu community supporters. Shibburn’s records reveal active participation from community members in their deflationary measures, burning an impressive 76 billion SHIB to unspendable wallet addresses throughout 2023. Notably, December witnessed the peak of this activity, with the removal of 225 million SHIB tokens from circulation in a single day. Despite this intense activity, annual statistics show a total burn of 76.4 billion SHIB tokens in 2023, indicating an 8.33% decrease compared to the burn rate in the previous year. Simultaneously, data from Shibariumscan, a Shibarium tracker, highlights an average of 4.91 million daily transactions on Shibarium. Moreover, the total number of wallet addresses actively engaging with the network has surpassed 1.3 million, indicating sustained and expanding involvement within the Shiba Inu ecosystem. The surge in token burn rate and the community’s active participation in deflationary tactics underscore the dynamic nature of the Shiba Inu project. As the SHIB Army continues to shape the narrative, performance metrics suggest a resilient and thriving ecosystem that transcends the ‘Dogecoin killer’ label. The Shiba Inu community eagerly anticipates further developments, keen to see how ongoing initiatives will impact the project’s trajectory in the crypto space. You Might Be Interested In Turkish Lira Nears Record Low as President Erdogan Secures Election Victory When will confidence return to Asian markets? USD/IDR Edges Up to 15,830, Eyes Fed Rate Decision and Indonesian Inflation Data Vietnam Poised to Earn $200 Million Annually from Carbon Credit Trade BSP may extend the pause until year-end: All you need to know US Oil Prices Dip Below $70, Mixed Day for Global Stocks
