SHIB News: Shiba Inu’s burn rate is up more than 1450% in the last 24 hours after another massive burn of SHIB Coins. The community took advantage of the meme coin season to increase the burn rate and the number of users with Shiba Inu.

More than 2.9 billion SHIB have been burned by the Shiba Inu community this week, but the price has not shown a significant shift as other meme coins recorded the highest trading volume. Most feel it’s time to bring a rally back to SHIB.

Shiba Inu burn rate rises amid rising sentiment

According to the Shibburn portal, 231.886.112 SHIB tokens have been burned in 8 transactions in the last 24 hours. As a result, the SHIB burn rate increased by almost 1500%.

Most of the burns were contributed by two purses. A dominant Shiba Inu wallet burned 200,583,666 SHIB tokens and another wallet burned 16,324,455. The circulating supply has now been reduced to 574.86 trillion, which is even higher.

Shibburn announced to launch a website in June to increase the burn rate. It still tracks SHIB burns, but introduces several tools to assist with burns. Users can earn SHIB through an affiliate program and web3 advertising system.

Meanwhile, lead developer Shytoshi Kusama and Shibarium telegram group maintainer hinted at the likely launch of the Shibarium mainnet near August.

Also Read: Degen Ben.eth Launches 3rd Scam Meme Coin after BEN and PSYOP

SHIB price rises amid positive news?

Shiba Inu continued to move sideways this week, falling 15% in May amid the hype of PEPE meme coins and investors flocking to other meme coins.

The SHIB price is currently trading at $0.0000087. The 24-hour low and high are $0.0.00000870 and 0.00000889, respectively.

Also Read: Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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