Dog-themed cryptocurrency Shiba Inu (SHIB) has seen its burn rate skyrocket by 495% in the last 24 hours, with 14,052,230 SHIB burned over this time frame, per a Shibburn X report.
The current increase in burn rate suggests that the Shiba Inu community remains actively involved in reducing SHIB’s total supply. Token burns are seen as a long-term strategy to enhance scarcity and potentially drive price appreciation. However, in the last seven days, the Shiba Inu burn rate has fallen 89.36%, with only 59,809,225 burned.
At the time of writing, Shiba Inu's price was trading in red, mirroring the broader market trend. While burns contribute to reducing supply, demand and market factors might dictate price movement.
Shiba Inu is down 1.31% in the last 24 hours to $0.00001274 as Bitcoin (BTC) and other major tokens fell as Thursday's rise was met by profit-taking during early Friday trading, as expected. The overall crypto market capitalization declined 2.15% in the last 24 hours, as several digital assets traded in red.
The Federal Open Market Committee (FOMC) meeting on Wednesday provided a brief positive catalyst that the markets had been waiting for, even though no rate reductions were announced.
Shiba Inu, rather, has been locked in consolidation since March 18, fluctuating in a tight range between $0.0000122 and $0.000013 as traders await clear signals on the market.
In a recent tweet, Shiba Inu team member Lucie explained the concept of SHIB OS and the technology that underpins it.
Shib OS is powered by two key blockchain layers: Shibarium (L2) — a layer-2 blockchain built on Ethereum and Shib Alpha Layer (L3) — a modular, decentralized sequencer under development, aimed at processing transactions in under 100 milliseconds.
These technologies work together to make blockchain more practical for businesses, governments and individuals. Some real-world applications for SHIB OS would include supply chains, government services and financial transactions aimed at lower costs and faster processing.
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