The popular meme coin Shiba Inu (SHIB) experienced an extraordinary 1,800% increase in its burn rate over the last day, according to data from burn tracker Shibburn. Over 41 million SHIB tokens were permanently removed from circulation, significantly decreasing supply.
Shibburn shared in an hourly tweet that the massive burn came from just 2 transactions in the past hour. However, in the past 24 hours, there have been 1,812% more tokens burned compared to the day prior.
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Shiba Inu Team Hints at Special Valentine’s Day Announcement
Additionally, the Shiba Inu core team has been hinting at a special Valentine’s-themed announcement. Lead developer Shytoshi Kusama said on the project’s Telegram channel, “Love is in the air. Prepare your heart (and your wallet),” suggesting something related to the meme coin or its ecosystem of projects.
This follows a tweet from the official Shiba Inu X account with an image of two Shiba Inu puppies and the text, “Love is in the air.” The tweet immediately captured the enthusiasm of the community in anticipation of an announcement.
Insiders believe it may relate to the team’s upcoming Sheboshi NFT collection that aims to build on their existing Shiboshi NFTs. The Shiba Inu core team expects to launch the romantic digital art collection sometime this month close to Valentine’s Day, aligning with hints from Kusama and other team members.
Shiba Inu Soars on Solana as New Token Launch
In additional news surrounding the meme coin, a new Shiba Inu token has been launched on the Solana blockchain. The new token, named $SSHIB, skyrocketed upon launch as community interest exploded as highlighted by ParabolicAlbion on the X platform.
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Show more +$SSHIB carries a total supply of 5 billion and has already achieved a $550,000 market capitalization. At its height shortly after launch, $SSHIB reached a market cap of $3.5 million.
Supporters are hailing it as Shiba Inu for the Solana ecosystem. Observers will see if $SSHIB can attain the immense popularity of the original Ethereum-based SHIB token. For now, the community momentum is exceedingly bullish.
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