Shiba Inu (SHIB) enthusiasts are banding together in what they call the “SHIB Army” to tackle the circulating supply of this popular canine-inspired cryptocurrency. In the past day alone, a significant amount of Shiba Inu has been burned, resulting in a staggering 151% increase in the burn rate.
To accomplish their mission, the SHIB Army has been diligently sending Shiba Inu coins to “inferno” wallets, effectively removing them from circulation. In a total of 17 transactions, a whopping 86,928,845 Shiba Inu meme coins were sent to these dead-end wallets. Notably, the two largest transactions accounted for 17,286,998 SHIB and 12,834,567 SHIB, respectively.
Despite the massive amount of half a quadrillion SHIB already burned, the impact on the meme coin’s price has been relatively insignificant. This suggests that reducing the circulating supply alone may not be enough to drive up its value.
However, there is hope on the horizon with the recent relaunch of Shibarium, a Layer 2 solution for Shiba Inu. This launch is expected to guarantee a decrease in the circulating supply of SHIB. Nevertheless, it is important to note that it cannot guarantee an increase in price.
Since its relaunch earlier this week, Shibarium has been experiencing rapid growth. The number of connected wallets has surged to an impressive 431,972, and the total transaction count has reached a substantial 599,508. Additionally, the number of blocks created on Shibarium has risen to 384,504.
As the SHIB Army marches on in their efforts to reduce the circulating supply, it remains to be seen how these developments will impact the price of Shiba Inu. Nonetheless, the community’s dedication to their cause is undeniable, and the continued growth of Shibarium provides a glimmer of hope for Shiba Inu enthusiasts.
In the ever-evolving world of cryptocurrency, the story of Shiba Inu and its passionate community is certainly one to watch.
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