- The SHIB community’s intensified burning of meme coins reflects a concerted effort to reduce token supply and potentially boost value.
- Shytoshi Kusama’s outreach signals renewed engagement with the SHIB community, fostering a sense of unity and purpose.
- Despite recent price volatility, SHIB’s partial recovery underscores resilience, but challenges persist in surpassing key price levels.
In a recent surge of activity within the Shiba Inu (SHIB) community, members have fervently engaged in the burning of SHIB meme coins, a process rendering them irretrievable and contributing to a notable increase in the coin’s burn rate. Data from the Shibburn team reveals a remarkable uptick in the transfer of meme coins to “inferno” wallets, totaling an astounding 87,760,994 SHIB within the past 24 hours alone.
This surge marks a 48,554.74% increase in the overall burn rate, with two substantial transactions of 61,908,927 SHIB and 25,852,066 SHIB to unspendable addresses occurring approximately 17 to 18 hours ago.
Earlier this week, the SHIB community achieved a significant spike in the burn rate, recording a 1,344% increase on April 9, resulting in the permanent removal of 135,451,536 SHIB from circulation. These recent developments underscore the community’s unwavering dedication to reducing the token supply and potentially impacting its value.
Meanwhile, Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, emerged from a period of relative silence to extend festive greetings to the SHIB community. Taking to social media, Kusama expressed his diligent efforts in furthering the project’s development, likening his work ethic to that of a dog.
Despite his busy schedule, Kusama extended warm wishes for various cultural celebrations, including Easter, Passover, Eid, and Gudi Padwa/Ugadi. Furthermore, he extended an invitation to SHIB users and builders to join him in Dubai for the Blockchain Life Forum on April 16, providing an opportunity for face-to-face interactions within the community.
Amidst these developments, the price action of SHIB has garnered significant attention. While the cryptocurrency experienced a notable 10.5% decline between Tuesday and Wednesday, it has since mounted a partial recovery, surging by 1.02% over the past 24 hours. Despite striving to surpass the $0.00002950 threshold, SHIB has yet to solidify its position above this level, currently trading at $0.000028 at the time of this writing.
