Shiba Inu’s burn rate surges by 700%, removing 15 million SHIB tokens from circulation

Shiba Inu Surges Amidst Optimistic Remarks from Shytoshi Kusama

Shiba Inu (SHIB) has experienced a surge of 700% in its burn rate, accompanied by positive comments from Shytoshi Kusama at the recent Token2049 event in Singapore.

The SHIB token initially saw an increase of over 9%, though it has since retracted to trade with a 0.18% decline over the past 24 hours. The recent increase in burn rate has removed 15 million SHIB tokens from circulation, fueling expectations of further gains.

The majority of the burned SHIB was sent to an unspendable blockchain address in a single transaction. Two additional transactions transferred approximately 100,000 SHIB to inactive wallets.

Altcoin Buzz predicts a 36% upswing, indicating that SHIB could reach $0.00002 if the current trend continues. Kusama's comments on "X" following the event have excited the market, along with speculation about a possible partnership with Tron DAO.

Kusama was spotted with a card bearing the inscription "Tron DAO," which featured the Tron blockchain logo. Justin Sun, the founder of Tron, was also present at the crypto conference as a sponsor.

As of the time of writing, 583,494,740,394,717 Shiba Inu coins are in circulation, with 410,728,825,806,575 SHIB held in inactive wallets.