The Shiba Inu ($SHIB) community has reason to celebrate as the token’s price soars to its highest point since March 14th, accompanied by a staggering 1,632% increase in the burn rate in the past 24-hour period.
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Shiba Inu is an innovative, decentralized cryptocurrency project that derives its inspiration from the widely popular Shiba Inu dog breed meme.
It was established as a viable alternative to Dogecoin, and is based on the Ethereum blockchain. The Shiba Inu ecosystem encompasses three distinct tokens, each serving a specific purpose.
The main token, $SHIB, is a community-driven currency that operates in a decentralized fashion, and is accessible to millions of people around the world. Launched on the Ethereum blockchain towards the end of 2020, $SHIB has achieved global recognition and is accepted as payment at several locations, both directly and through third-party intermediaries.
This has solidified its reputation as a credible and viable digital asset.
Data sourced from TradingView indicates that on crypto exchange Coinbase, $SHIB attained an intraday high of $0.1152 at 4:04 p.m. UTC on March 1, which represents its highest value since March 14.
At present, $SHIB trades at approximately $0.0000114, marking a 6.74% increase over the past 24 hours and a 39.88% increase in the year-to-date period.
As of 8:20 p.m. UTC on March 1, Shibburn, the $SHIB burn tracker, reports an astonishing 1,632.49% surge in the $SHIB burn rate over the past 24 hours, with over 207 million $SHIB tokens destroyed in the period (and 410.63 trillion $SHIB tokens burned thus far).
It’s worth noting that the burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity.
The Shiba Inu community has since sustained this practice, gradually removing $SHIB from circulation. This impressive trend underscores the growing popularity of the $SHIB token among enthusiasts who seek a reliable and rewarding investment opportunity in the decentralized crypto space.