Shiba Inu’s Burn Rate Soars, Fueling Speculation
Shiba Inu, a popular meme coin on Ethereum, has caught the attention of the crypto market with a significant surge in its burn rate. Over the past 24 hours, a whopping 7.64 million SHIB tokens were burned, resulting in a burn rate of 191.69%. Despite this, the meme coin is trading in the green.
An In-Depth Look at the SHIB Burn Report
According to data from Shibburn, Shiba Inu has burned a total of 410.70 trillion tokens out of its 999.98 trillion supply. Two prominent burn transactions contributed to the recent surge in burn rate, with 4.01 million SHIB and 3.60 million SHIB being moved to dead wallets.
This reduction in circulating tokens has caused curiosity among traders and investors, leading to a price jump for SHIB. Additionally, Shibarium, Shiba Inu’s L2 network, has seen increased activity with 340.57 million transactions recorded so far.
Shiba Inu Price Surges
The price of Shiba Inu has risen by 2.75% in the past 24 hours and is currently trading at $0.000009317. The trading volume and market cap have also experienced significant increases.
The burning of tokens by the Shiba crypto community aims to improve the tokenomics of SHIB and has contributed to the recent price pump.
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