Shiba Inu just torched over 51 million tokens in push for market rebound
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The recent burn activity marks one of the largest single-day reductions in the SHIB supply in recent weeks, indicating substantial community involvement. The broader market’s sentiments surrounding the meme coin turned optimistic against the backdrop of the law of supply and demand. This is largely reflected in SHIB’s soaring trading volume. Trading volume jumped over 109% in the last 24 hours, indicating investors’ renewed interest.that the Shiba Inu team recently announced major upgrades for the Shibarium mainnet. The upgrade includes recent revisions to the Heimdall and Bor hard forks and a new contract for burning SHIB tokens.its Total Value Locked by 851%, starting from just $1.23 million.
Despite the 1,068% burn rate surge, SHIB's price slipped 12% in the last 24 hours, setting the price at $0.00002693. However, SHIB’s price surged over 12% in the past week, underscoring market potential amid a broader bullish landscape.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0.
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