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12,840% Surge In SHIB Burn Rate Sparks Possible Price Surge

SHIB Burn Records 12,840% Surge

Shiba Inu (SHIB), the popular meme-themed coin, has witnessed an extraordinary surge in its deflationary burn rate. In the last 24 hours, over 173.12 million SHIB tokens have been transferred to ‘dead wallets,’ indicating a surge of 12,840% based on Shibburn’s data.

This surge in the burn rate suggests that the total SHIB tokens in the protocol’s ‘dead wallet’ has become 410,644,708,853,803 SHIB. Meanwhile, the token’s remaining circulating supply is still over 580 trillion SHIB.

Meanwhile, two prominent wallets have emerged as the major contributors to this surge in SHIB burn. Together, they account for 170 million SHIB, reflecting the strong participation in this deflationary process.

The good news about this surge in burn rate is that it drives new capital inflows into the SHIB ecosystem. Simultaneously, trading volumes registered a 9.46% growth in the past 24 hours based on current Coingecko data.


Shibarium’s Role In SHIB’s Price Surge

While Shiba Inu’s deflationary initiative predates Shibarium, the Layer-2 scaling solution has played a pivotal role in amplifying its impact. Despite Shibarium’s notable contributions, the core development team still has additional plans to implement.

They intend to introduce a dedicated burn portal for the protocol, establishing a more structured avenue for sending tokens to nonfunctional wallets. This development underscores the ongoing efforts to refine and optimize the token’s burn process.

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Meanwhile, a campaign advocating the proper burning of SHIB tokens has gained momentum. The surge in burn rate is a testament to the broader community’s increasing awareness and engagement with the SHIB ecosystem.

Technical Glitch Hinders And SHIB’s New Project Website

In an announcement via the X social media platform, the official marketing representative of the Shiba Inu team, Lucie, has disclosed that there is an issue affecting the official website of Shiba Inu’s latest project. The login functionality on the Shib Magazine site is currently experiencing a temporary disruption, rendering the site inaccessible to users.

However, Lucie has reassured the community that the SHIB team is fully conscious of the situation and diligently works to rectify the problem and reinstate the feature soon. Lucie has also pledged to keep the SHIB community promptly informed of the progress in addressing the login feature issue.

Unveiling SHIB’s Tech-Focused Magazine

Meanwhile, the Shib Magazine, recently unveiled by the Shiba Inu team, is a notable addition to SHIB’s ecosystem. This magazine provides up-to-date information about finance and tech innovations.

Additionally, it promises to deliver updates on Shibarium, an integral component of the SHIB ecosystem. The magazine will not only keep readers abreast of the evolution of existing SHIB products but also serve as a platform to disseminate news regarding various SHIB events, initiatives, and success stories.

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Moreover, the magazine offers a venue for promoting crypto projects through comprehensive marketing and advertising packages. As a warm welcome to new users visiting the website, the SHIB team has initiated a giveaway of a thousand NFTs featuring the magazine cover, entirely free of charge.

Unfortunately, the current issue affecting the login feature has temporarily hindered new users from availing themselves of these complimentary NFTs. As the SHIB community eagerly anticipates the resolution of this technical hiccup, Shib Magazine holds the promise of becoming an invaluable resource for tech enthusiasts and crypto aficionados alike.

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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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