Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
Dogecoin killer Shiba Inu (CRYPTO: SHIB) has experienced a significant surge in its burn rate, increasing by an impressive 172%.
The surge coincides with a notable rebound in SHIB's market price, marking a promising turn for the dog-themed digital currency.
According to a post by Shibburn on X on Friday, the accelerated burn rate removed 5,221,667 SHIB tokens from circulation, effectively sending them to a "dead" wallet where they can no longer be traded or accessed.
In the past 24 hours, there have been a total of 5,221,667 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/cAIOBDOiAC
— Shibburn (@shibburn) April 19, 2024
However, the token has managed to recover, climbing from a low of $0.00001837 on April 13 to fluctuating within a range between $0.0000205 and $0.00002386.
Also Read: Amid Dogecoin Crash, 374 Million DOGE Moved From Robinhood To Unknown Wallet
At the time of writing, SHIB was trading at $0.00002317, up by 3% in the last 24 hours.
The Shiba Inu community is currently buzzing with excitement and anticipation as developers continue to introduce upgrades aimed at enhancing the Shiba Inu ecosystem.
Notably, the Shiba Inu layer 2 solution, Shibarium, has received a user interface update and expanded its wallet compatibility to include MetaMask, Coinbase Wallet, Rainbow, Trust Wallet and Wallet Connect, facilitating various user connection preferences.
Shibarium's website has also migrated to the shib.io domain, reflecting the team's commitment to prioritizing user experience and development speed.
Now Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
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