Shiba Inu Burn Rate Surges with Millions of SHIB Destroyed
Shiba Inu, a popular meme coin on the Ethereum blockchain, experienced a significant increase in its burn rate, attracting attention from crypto enthusiasts. This surge coincided with a notable price jump for Shiba Inu.
The burn rate for SHIB recorded a staggering 2274.64% surge in the past 24 hours, resulting in the destruction of 5.20 million SHIB coins. Three major transactions contributed to this burn, with a total of 4 million coins burned.
Advancements in Shibarium Network
In addition to the burn rate increase, Shiba Inu’s layer-2 blockchain called Shibarium achieved significant milestones. It amassed 1 million interacting wallets on its network in just 18 days, surpassing other leading layer-2 networks like Arbitrum and zkSync.
The total number of transactions on the Shibarium network reached 256.08 million, indicating growing wallet interaction.
Shiba Inu Price Rises
Following these advancements, the price of Shiba Inu also experienced an upward trend. Over the past 24 hours, the price jumped by 1.92% to reach $0.00009847. The market cap of Shiba Inu increased by 1.87% and currently stands at $5.80 billion.
However, the weekly chart shows a 6.65% decline for the meme coin.
Hot Take: Bullish Sentiments Surround Shiba Inu
With the surge in burn rate and the success of Shibarium, there is growing optimism among crypto enthusiasts regarding Shiba Inu’s future prospects.
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