Shiba Inu (SHIB) surprised the crypto world with a massive burn rate spike of 3,674% in just one day. With over 53 million SHIB tokens sent to burn wallets, this effort is a big step in Shiba Inu’s mission to reduce its circulating supply. So, what’s driving these numbers? And could this burning trend push SHIB higher in the rankings?
The Shiba Inu community has burned more than 410 trillion tokens so far, but with a circulating supply still around 410 trillion SHIB, there’s a long journey ahead. The recent burn was not just for nothing.
After the burn the price of Shiba Inu jumped by 5.73%. Indeed this has the influence of the US elections but the impact of burning tokens can not be denied. This rise in burn rate pushed the price to reach $0.0001894, the highest point in the last 30 days.
Along with the price surge, SHIB also witnessed a rise in the trading volume by almost 200% hitting a $1.19 billion market cap. This rise shows that investors are paying close attention, likely because they see these burns as a way to potentially increase the token’s value over time.
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New Proposal for a U.S. Blockchain Hub
On the innovation front, SHIB’s lead developer, Shytoshi Kusama, has even bigger plans. In a recent proposal, Kusama outlined a “Strategic Hub for Innovation and Blockchain” (S.H.I.B.) designed to bring blockchain to city-level infrastructure in the U.S., with dreams of scaling it nationwide. This project, with a budget between $1.3 billion and $2.35 billion, could bring Shiba Inu attention beyond just the crypto world. The proposal focuses on boosting cybersecurity, improving digital infrastructure, and creating rules to help it work across the country. Kusama’s main goal? To help the U.S. become a leader in blockchain.
What to Expect
If Shiba Inu keeps up these big burn rates and creative ideas, it could attract even more interest from crypto fans. The developer’s bold blockchain plan and steady token burns show that Shiba Inu is aiming for long-term success. Investors are watching closely, and it’s hard to say exactly where this will lead. But with these moves, Shiba Inu might just be starting on a very exciting path forward.
Source: https://coinpedia.org/news/shiba-inu-burn-rate-surges-over-3600-in-24-hours/