Shiba Inu Burn Rate Skyrockets 900%, Syncing With SHIB Price Rally
Shiba Inu, the self-proclaimed Dogecoin killer, has caused a frenzy in the crypto world with a surge in its burn rate. This surge has caught the attention of the broader crypto market as it coincided with SHIB’s price rally.
SHIB Burn Report
According to data from Shibburn, the Shiba Inu community burned a massive 33.88 million SHIB in the last 24 hours. This represents a 906.27% increase in the burn rate. Overall, the community has burned 410.69 trillion SHIB since its inception.
In addition, the community transferred 30.97 million SHIB to a dead wallet today.
Another notable burn transaction involved the incineration of 1 million SHIB by an unknown address.
Shiba Inu Price Soars
The price of Shiba Inu has seen a significant surge, rising 5.34% in the past 24 hours to reach $0.000009521. However, its weekly and monthly charts show notable drops.
This price surge is mainly attributed to the increase in the burn rate, which has sparked optimism for the token’s future.
Hot Take: Shiba Inu’s Burn Rate and Price Surge Fuel Excitement
The recent surge in Shiba Inu’s burn rate and price has created excitement and optimism among crypto enthusiasts. The significant increase in SHIB burning indicates a commitment from the community to improve the token’s tokenomics.
As more SHIB is burned, there is anticipation for further price gains and a stronger foundation for the meme coin. The market will continue to watch closely as Shiba Inu’s burning chronicle unfolds.
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