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Shiba Inu, the dog-themed cryptocurrency, has recorded a 367% jump in burn rate, sending over 11.5 million SHIB to dead wallets. According to Shibburn’s update, the burn occurred only in two transactions.

Shiba Inu community efforts and SHIB supply overview

Within the last 24 hours, the community incinerated a total of 11,696,177 SHIB to control the circulating supply. The first transaction saw 3,271,537 SHIB incinerated, and a second transaction occurred hours later.

The second, more than twice the first, saw 8,424,639 SHIB sent to a dead wallet, completing the day’s transaction. As it stands, Shiba Inu’s total supply is 589,268,792,658,296, with the circulating supply at 583,543,594,573,618. Meanwhile, 5,725,198,084,677 SHIB have been staked, with the burned SHIB coming in at 410,731,207,341,703 SHIB.

The current burn rate signals the community's commitment to boosting deflation in the ecosystem and stabilizing prices. Additionally, it indicates positive market sentiment overall on the asset, especially from holders.

Price action and market sentiment

As of this writing, the price of SHIB has risen by 2.43% to $0.00001929. However, this price increase has yet to trigger renewed interest from investors in the crypto asset. The market volume was still down by 9.96%, at $463.07 million.

The community expects things to switch up soon if the meme coin can sustain its current price trajectory. However, they have called on Shiba Inu’s development team to effectively tackle the increasing fear, uncertainty and doubt (FUD) that has continued to sway the asset’s performance.

In a U.Today report, Shiba Inu’s marketing lead, Lucie, explained that developers were actively working on projects that Shytoshi Kusama had announced earlier. Lucie assured users not to pay attention to the figures, as they have been inflated by those who barely invested in SHIB but have other tokens.

One such project is the Shib DAO Foundation, which will transform the governance structure.