Shiba Inu Burn Rate Surges Over 5,000% Amid Price Fluctuations

According to U.Today, the Shiba Inu (SHIB) community has significantly increased its burn rate, removing tens of millions of SHIB tokens from circulation. In the past 24 hours, a total of 61,468,595 SHIB coins have been sent to unspendable wallets, marking a 5,154% increase in the burn rate. This surge was largely driven by a single massive burn transaction, which accounted for 80.95% of the total amount burned. The largest transaction involved 48,266,929 SHIB, executed by an unknown wallet. This was followed by smaller transactions of 6,008,171 and 3,938,558 SHIB. The SHIB team, through its marketing lead known as Lucie, addressed the community, emphasizing the importance of patience and commitment to building within the crypto space. Lucie advised against investing large sums into blockchain projects unless one is a crypto billionaire, suggesting that focusing on personal passions and allowing growth to occur naturally is more effective. She also highlighted the need to ignore negative influences and individuals who contribute little to the community. In terms of market performance, Shiba Inu has experienced notable price movements. Over the past day, SHIB's price rose by approximately 7.5%, reaching $0.00002652, before declining by 4.3% to $0.00002539. This fluctuation follows a 12% increase since Tuesday, reflecting the volatility often seen in meme cryptocurrencies. Despite the recent decline, the SHIB community remains active in its efforts to reduce the circulating supply through strategic burns.