Shiba Inu Burn Rate Soars
The burn rate of Shiba Inu (SHIB) has skyrocketed, with over 8.5 billion SHIB tokens burned in the last 24 hours. This represents a significant increase of 161,540.53% compared to previous days. Data from Shibburn, a website that tracks SHIB burn insights, suggests that more than 17.22 billion SHIB have been burned in the past week. The surge in burn rate has contributed to the recent rally in the price of SHIB.
In a notable transaction, a single wallet address burned 8.53 billion SHIB tokens, worth approximately $90,000. Other burn transactions of 24 million and 20 million SHIB tokens were also observed. The recent surge in the price of Shiba Inu can be attributed to the burning of SHIB tokens worth over $1.5 million in the past month, much to the delight of the SHIBArmy.
SHIB Price Rally
The price of Shiba Inu has experienced a rally, with a 3.19% increase to $0.00001059 at the time of writing. The 24-hour trading volume has also risen by 17.42% to $190.11 million. The market cap of SHIB currently stands at $6.2 billion, reflecting a gain of 3.14%. Over the past month, SHIB has seen an impressive growth of 32.19%.
Earlier this month, Shiba Inu reached the milestone of $0.00001 after a significant increase in burn rate by 110%. Despite bearish trends in the market, Shiba Inu has gained around 25% over the last year as it aims to challenge Dogecoin’s dominance.
Hot Take: Shiba Inu’s Burning Success Fuels Price Surge
Shiba Inu’s recent success in burning billions of SHIB tokens has propelled the meme coin to new heights. The surge in burn rate has not only created excitement among the SHIBArmy but has also contributed to the significant price rally. With over 8.5 billion SHIB tokens burned in just 24 hours, Shiba Inu continues to demonstrate its potential and resilience in the crypto market. As the burn rate remains high and more tokens are taken out of circulation, it is expected that the price of SHIB will continue to rise, attracting more attention from investors and enthusiasts alike.
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