There has been a surge in the burn rate of the Shiba Inu token with a notable increase of 127.41% and the burning of 17.39 million SHIB.
In the wake of a significant increase in the token’s burn rate, Shiba Inu a prominent meme coin that operates on the Ethereum blockchain has drawn considerable interest among lovers of the cryptocurrency market worldwide.
As of today February 10, the SHIB burn had a jump of 127.41% according to the data that has been surfacing across the cryptocurrency market.
Following this, the Shiba cryptocurrency community has documented the burning of an astounding 17.39 million SHIB over the last 24 hours and in addition to the burning of 55.63 million SHIB during the previous week.
The movement of funds from the Shiba cryptocurrency community to an abandoned wallet appears to be the main cause of the increase in burn rate during this time. The burn tracker Shibburn revealed that the Shiba cryptocurrency community transferred an astounding 16.39 million SHIB to a wallet that has since been destroyed.
The community is making this move to increase the value of SHIB tokenomics within the context of the broader cryptocurrency market. The spike in the burn rate of the meme coin occurred amid a whirlwind of advances witnessed by the Shiba Inu cryptocurrency.
In collaboration with K9 Finance, Shibarium a Shiba Inu L2 company intends to improve how bone staking is conducted on their network. On the other hand, Marswap’s efforts to broaden its service offerings on Shibarium which includes implementing a flat cost structure for all transaction fees, contributing to the continued confidence in the meme coin.
In addition, WoofSwap a decentralized exchange (DEX) that operates on Shibarium disclosed today that it is contemplating the possibility of bridging Shibmap to ERC404 a semi-fungible digital asset.
By bridging Shibmap to ERC404, Shibarium’s cryptographic enterprise reaches new heights in information technology. On the other hand, it seems that the number of daily transactions on Shibarium is decreasing which is stoking speculation among those who are interested in the cryptocurrency market.
In the meantime, Shiba Inu has been trading with a significant amount of volatility recently which has captured the attention of traders and investors in the cryptocurrency market. The price of a Shiba Inu has decreased by 0.79% over the previous 24 hours and is currently sitting at $0.000009324 as of the time of this writing.
The price of the meme coin fluctuated positively for some time today although it was trading with increased volatility. On the other hand, market charts indicate that SHIB has been experiencing a positive trend over the past week with an increase of 2.52%.
This observation further demonstrates the volatile nature of the Ethereum-based meme coin. Despite this, technical indicators point to the possibility of an immediate rally for Shiba Inu with support located around $0.0000085 and resistance located at $0.00001.
Additionally, it would appear that the ongoing burning of enormous quantities of SHIB is further pushing the SHIB tokenomics, as it reduces the supply of the token in comparison to the demand for it.
Furthermore, the developments discussed earlier are also reflected in the increased prices of Bone ShibaSwap (BONE) and Doge Killer (LEASH).