“Shiba Inu (SHIB) Initiates 2024 with Impressive Burn Rate and Future Developments”
The year commenced on an impressive note for Shiba Inu (SHIB), particularly concerning its burn rate, which surged significantly. Based on the burn rate, a total of 129,716,497 SHIB has been sent to dead wallets, contributed from multiple wallets.
While the largest contribution in the headline address amounted to 66,339,884 SHIB from 0x5493281, other major contributions totaled 50,422,597 SHIB. As of this report, a total of 410,680,586,707,785 SHIB has been burned to date. Given the current market valuation, this figure approximates around $4,254,650,878.29 USD, a figure not far from Shiba Inu’s market cap of $6,102,470,848 USD.
Presently, the circulating supply of SHIB stands at 581,000,734,535,567 SHIB. Despite the progress made in the burn rate thus far, a more assertive stance is required to achieve the ultimate goal of the meme coin project.
The current trading value of the token sits at $0.00001036, marking a 1.50% decrease over the past 24 hours, signaling fluctuations in SHIB’s price.
Anticipating the forthcoming burn gateway After months of developmental work, the journey toward implementing the Shibarium Layer-2 solution is expected to change dynamics from manual to automatic. Tokens specifically designed to exit circulation by community members are sent to the burn address.
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Currently, the SHIB burn program is in operation, expected to enhance the efficiency of Shiba Inu’s deflationary campaign, potentially exerting a positive long-term impact on SHIB’s price.
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