SHIB Burn Rate Surges by 1,436%, Stabilizing Prices

The Shiba Inu cryptocurrency (SHIB) has seen a notable increase following its unsuccessful attempt to surpass the $0.00001750 resistance level.

The burn rate for Shiba Inu (CRYPTO: SHIB) has surged by 1,436%, contributing to a price recovery after the meme coin encountered resistance at a previous price level.

What Happened: According to Shibburn data, over 19 million SHIB have been burned and sent to dead wallets in the last 24 hours. The total burn now stands at 410,730,888,039,931 SHIB.

The total SHIB in circulation is 583,534,897,373,752.

Shiba Inu Price Rises 5% After Surging Burn Rate: SHIB price has shown resilience despite the token’s price decline to current levels.

The community is optimistic and hoping for the meme coin to continue surging higher if the current trend continues.

Shiba Inu is trading up 5.42% in the last 24 hours at $0.00001799 at the time of writing.

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Shibaburn Focuses on Tracking Burnt Shiba Tokens: Shibaburn provides up-to-date information on the burning of SHIB tokens, a crucial aspect of the meme coin's ecosystem.

By tracking the tokens burned and sending them to dead wallets, where they are effectively removed from circulation, Shibaburn highlights the efforts to reduce the total supply of SHIB.

The scarcity created by burning tokens is designed to drive up the value of the remaining SHIB in circulation, a strategy employed by several cryptocurrency projects.

U.Today previously reported that SHIB price is likely to witness a recovery in its lost ground if it manages to sustain trading above the 100-day exponential moving average (EMA).

A series of token burns in recent times have played a role in the meme coin’s attempt to return to glory.

Shiba Inu Lead Developer Teases DeLorean Partnership: Shiba Inu lead developer Shytoshi Kusama has dropped a teaser that could contribute to the rising ecosystem sentiment.

In a series of X posts on Monday, Kusama teased Shibizens with a message from the future.

The message pertains to a new “friendshib” with the classic car manufacturer DeLorean Motor Company.

The SHIB community expressed excitement over the prospect of a partnership with the sports car brand, although Kusama refrained from revealing any specific details.

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