• Shiba Inu’s burn rate increased by 300.52%, burning 1,097,520 tokens in 24 hours.
• The Shiba Inu community petition urges Binance to burn 1% of daily SHIB transactions.

Shiba Inu (SHIB) is currently facing a difficult phase as it attempts to regain market momentum. Unlike other memecoins like BREET, POPCAT, and MEW, which have recently seen huge rises, SHIB’s recovery has been noticeably slow.

At the time of writing, SHIB had fallen 1.47% over the last 24 hours to $0.00001337. This loss has pushed SHIB below Avalanche and Tron, putting it in 13th place with a market cap of $7.88 billion.

Community-Driven Efforts Aim to Boost Shiba Inu Token Burn Rate 

Despite the dismal price performance, SHIB’s token burn rate has significantly increased. Shibburn shared a staggering 300.52% rise in the burn rate during the last 24 hours, with 1,097,520 tokens burned. However, this figure remains far from ideal, indicating a continued lack of meaningful transactional interest in SHIB.

HOURLY SHIB UPDATE$SHIB Price: $0.00001381 (1hr 0.95% ▲ | 24hr 4.03% ▲ )
Market Cap: $8,139,511,800 (3.86% ▲)
Total Supply: 589,272,197,097,521

TOKENS BURNT
Past 24Hrs: 1,097,520 (300.52% ▲)
Past 7 Days: 7,375,802 (-35.01% ▼)

— Shibburn (@shibburn) August 7, 2024

On the other hand, as we previously report, the Shiba Inu community has launched a petition demanding Binance to burn 1% of all SHIB token transactions each day. This petition has gathered traction, surpassing 1,000 signatures and approaching the next goal of 1,500 more signatures.

Given the large global SHIB token holder base, which surpasses one million, supporters remain optimistic that they will meet the 50,000 signature objective.

Furthermore, Lucie, Shiba Inu’s marketing lead, has confirmed that Shiba Eternity’s Closed Beta will be available on the network. This game’s original release is only available to LEASH holders and select Shiba Inu community members. This action is viewed as a strategic effort to involve the community and possibly increase interest in SHIB.