SHIB Burns Accelerate as Token's Scarcity and Narrative Drive Interest
Shiba Inu's on-chain activity has seen a significant spike in recent weeks, with the token's monthly burn rate increasing by an astonishing 1,483.36%. This means that over the past 30 days, more than 3.2 billion SHIB tokens have been permanently removed from circulation.
This surge in burns is being attributed to the community's efforts to increase the token's scarcity and value. While burning alone doesn't necessarily drive up prices, it remains one of the few on-chain actions that can be clearly measured.
On-chain sleuths have also uncovered a connection between an original SHIB deployer wallet and a newer token launch. Although this finding is still speculative, it has sparked renewed interest in SHIB's early history and potential connections to its current development team.