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The Shiba Inu burn rate exploded again, an effort aimed to reduce the asset’s circulating supply and make SHIB more valuable in time.The team behind the popular meme coin – Shiba Inu – keeps removing a substantial amount of tokens from circulation. Datathat the burn rate has skyrocketed by almost 500% in the past 24 hours and 193% on a weekly scale. This resulted in over 774 million SHIB assets being destroyed.
The program’s ultimate goal is to reduce the coin’s tremendous supply, making it scarcer and potentially more valuable in the future.Despite those efforts, the price of Shiba Inu is down 8% in the last 24 hours and 25% weekly . Its downtrend coincides with a broader market decline, with Bitcoin , Ethereum , Solana , Dogecoin , and multiple other cryptocurrencies nosediving as of late.
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