- SHIB token price rises by 10.41% in 24 hours, pushing market cap to $4 billion.
- The total supply of SHIB tokens reaches an astonishing 589 trillion.
- The SHIB Burn’s strategy aims to reduce circulating supply and increase token value.
In a recent update, SHIB Burn, one of the teams behind the Shiba Inu project, shared some exciting developments for its community surrounding the meme-inspired token. The SHIB Burn Twitter account, known for providing regular updates on token burning and price movements, tweeted out the latest statistics and accomplishments of the project.
According to the tweet, the price of SHIB currently stands at $0.00000684, showing no change over the past hour but a notable increase of 10.41% in the last 24 hours. It added that the market cap had seen an impressive surge, reaching $4,033,559,574, indicating a substantial growth of 11.41%.
Notably, the total supply of SHIB tokens stands at a staggering 589,350,770,979,233. However, the tweet also highlighted a significant decrease in token-burning activity.
In the past 24 hours, 28,816,578 SHIB tokens were burned, reflecting a considerable decline of 87.33% compared to the previous day. Over the past seven days, only 282,730,986 tokens were burnt, showing a substantial decrease of 93.65%.
The token burn strategy employed by SHIB Burn aims to reduce the circulating supply over time, potentially creating scarcity and increasing the value of the remaining tokens. With the recent surge in market capitalization, these efforts seem to be paying off, attracting the attention of investors and enthusiasts alike.
As the SHIB community continues to monitor token burning progress and price movements, these updates provide valuable insights into the project’s growth and sustainability.
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