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The Shiba Inu community is buzzing with excitement as recent burn activities have led to a dramatic spike in SHIB’s burn rate, drawing attention to its market dynamics.
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In a notable development, SHIB users have collectively sent over 21 million tokens to unspendable addresses, significantly impacting the token’s circulation.
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As reported by Shibburn, one of the largest transfers involved nearly 19 million SHIB, showcasing the community’s commitment to reducing supply.
This article highlights the recent surge in SHIB token burn rates, community reactions, and the impact on market performance, emphasizing key developments in the SHIB ecosystem.
Burn Rate Soars by 2,221%
According to Shibburn, the SHIB community has kicked a substantial amount of meme coins to unspendable blockchain addresses in the last 24 hours. A total of 21,000,740 SHIB tokens were burned, leading to an astonishing 2,221% increase in the overall daily burn rate. This surge signals heightened activity within the community focused on token scarcity.
Thus far, seven significant transfers have been made to dead-end wallets, with the largest transfers accounting for 18,973,108 SHIB and 1,000,000 SHIB sent to unspendable addresses approximately nine and eleven hours ago, respectively.
Community Demands Larger Token Burns
Despite the impressive burn figures, many **members of the SHIB Army** are pressuring the SHIB team to implement larger token burns. Some community members are advocating for the burn of between 30% and 90% of the circulating supply, arguing that such drastic measures could potentially send SHIB’s price to new heights.
However, the SHIB team has clarified that they do not control burn keys. They emphasize that more significant burns can occur through increased utility on **Shibarium**, the layer-2 solution designed for the SHIB ecosystem. As transaction volumes rise on Shibarium, corresponding gas fees are collected, leading to automatic conversions of part of these fees from **BONE** into **SHIB** for burning.
SHIB Market Performance
In terms of market activity, the price of SHIB has rebounded by nearly 6% over the past day, currently trading at $0.00002122. This recovery comes after a more than 9% decline witnessed on Monday, when the price dipped from $0.00002202 to around the $0.000020 mark.
SHIB had been trading at $0.00002273 on Saturday, which means there was a price drop exceeding 12% from this peak to yesterday’s lows.
TREAT Token Launch and Impact on SHIB Ecosystem
In a further development for the Shiba Inu ecosystem, lead developer **Shytoshi Kusama** has shared multiple announcements via X, revealing the listing of the new token **TREAT** on several leading exchanges, including **MEXC**, **KuCoin**, **BitGet**, and **SuperEx**. The official launch date for TREAT is January 14.
This new token aims to bolster network governance, giving more voice to the SHIB community, and will be utilized for rewards on the **ShibaSwap** DEX along with other utilities within the SHIB ecosystem. Additionally, TREAT is set to play a critical role in **WOOF Wars: Farming 2.0**, a yield farming mechanism that enhances user earnings through staking.
Conclusion
The recent rise in the SHIB burn rate illustrates the proactive measures within the Shiba Inu community to reduce supply, despite ongoing debates regarding the extent of future burns. Furthermore, the positive price movement alongside the upcoming TREAT token launch presents both challenges and opportunities for investors and community members. As the SHIB ecosystem continues to evolve, these developments are worth monitoring for their potential impact on market dynamics.
