Shiba Inu Burn Update: Over 17 Billion SHIB Torched in a Week

• The Remarkable Burn Rate of Shiba Inu Amid the Holiday Season
• The Growth of the Shiba Inu Ecosystem
• Hourly SHIB Update
• 17 Billion SHIB Tokens Burned for the Holidays
• The Continued Growth and Development of Shiba Inu

The Remarkable Burn Rate of Shiba Inu Amid the Holiday Season

A considerable 17 billion SHIB tokens were burned in the last week alone during the holiday period. This impressive figure marks a burn rate above 100%, indicating a significant development for the meme coin. The Shiba Inu$0.000010 -2.05% burn tracking platform, Shibburn, has released tweets related to this development.

The Growth of the Shiba Inu Ecosystem

This increase in SHIB burning comes at a time when its layer-2 Shibarium network is experiencing considerable growth. Notably, BONE transfers within the network have exceeded the one million mark. This suggests that the health of the Shiba Inu ecosystem could be a key narrative as we head into 2024.

Hourly SHIB Update

The hourly SHIB price is $0.00001079, reflecting an hourly increase of 0.41% and a 24-hour decrease of -2.36%. The market cap stands at $6,347,884,981, a decrease of -2.16%. The total supply is 589,302,315,494,207. In the last 24 hours, 6,882,493 tokens (-87.05% decrease) and in the past week, a whopping 17,159,390,975 tokens (98.7% increase) were burned.

17 Billion SHIB Tokens Burned for the Holidays

The meme coin market's growth in the digital asset industry has been significant. This sector, initiated by Dogecoin$0.091 -0.42% (DOGE), has seen tremendous growth in recent years, with Shiba Inu emerging as a frontrunner. With the conclusion of Christmas and the New Year on the horizon, Shiba Inu has made significant strides in token burning.

Over the preceding week, more than 17 billion SHIB tokens were burned. This development is a significant advantage for the market, as reducing supply has always been a primary objective for the meme coin. Updated burn figures also suggest that over 6 million tokens were burned in the last 24 hours.

The Continued Growth and Development of Shiba Inu

Of particular interest to Shiba Inu supporters is how these victories align with the development of its layer-2 network. Shibarium has consistently reached milestones and solidified its place in the expansive digital asset industry. This progress is expected to continue into the new year.

The SHIB token burn is expected to continue as well. The SHIB development team played a significant part in the recent burning. Over the past week, the team burned two stashes each exceeding 8.5 billion SHIB. This momentum is expected to carry into 2024.

Edited by Jonathan Stoker