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- Shiba Inu burn activity surged 144,223% in 24 hours, reducing circulating supply significantly.
- Over 4.25 billion SHIB tokens burned in the past seven days, showing strong community engagement.
Data released by Shibburn shows that the Shiba Inu (SHIB) community has made amazing progress burning over 2 billion SHIB tokens, a 144, 223.06% increase over past activity. Reflecting an even more amazing 1,995.88% increase, the burn rate shot to 4.25 billion SHIB tokens over the past seven days.
SHIB is trading at over $0.00003158 at the time of writing; it has gained 3.97% over the last 24 hours and shows a 23.72% rise over the last 7 days. Shiba Inu now stands as the 12th largest cryptocurrency with a market cap of $18.61 billion.
Shiba Inu’s Ecosystem Growth Fueled by Community Engagement and Shib Hub
Complementing the positive sentiment, the Shiba Inu network has seen an unheard-of increase in wallet generation. According to CNF, the ecosystem has welcomed 7,548 new wallets, a 214% increase over the daily average of 2,400 wallets.
Leading blockchain analytics company Santiment explained this increase in growth as the result of the great community involvement, which exceeds the usual rates of expansion in other projects.
Rising popularity of Shiba Inu also stems from changes in its ecosystem. Lead developer of the concept, Shytoshi Kusama, revealed “Shib Hub” at the Blockchain Futurist Conference 2024.
Aiming to be the core hub of the Shiba Inu ecosystem, this super application lets users earn, study, communicate, and create inside a distributed setting. Designed to increase community interaction and accelerate the adoption of developing technologies, Shib Hub boasts key elements including a Web3 gaming platform and an NFT marketplace.
Moreover, the Shiba Inu community has often shown active involvement by means of several projects. Attracting players from all around the world, the first-ranked Shiba Eternity Web3 gaming event was held last September. This event highlighted the increasing appeal of Shiba Inu’s game platform as well as its capacity to encourage Web3 space interaction.
