Shiba Inu Burn Rate Surges 200% as Community Incinerates 44 Million SHIB
The burn rate of Shiba Inu, the self-proclaimed Dogecoin killer, experienced a significant increase, attracting attention from the broader crypto market. According to data from Shibburn, the burn rate of the meme coin surged by over 200% in the past 24 hours.
SHIB Burn Report
Shibburn revealed that the burn rate of Shiba Inu rose by 232.85% on January 22. During this period, a total of 46.60 million SHIB coins were incinerated, piquing curiosity among crypto enthusiasts.
The Shiba community played a major role in this burning event by transferring 13.63 million SHIB to a dead wallet in one transaction and moving another 30.46 million SHIB in a separate transaction.
Shina Inu Price Falls
Despite the burning activity, the price of Shiba Inu experienced a decline of 3.27% over the past 24 hours and is currently trading at $0.000009197. The market cap and trading volume also saw notable decreases of 3.27% and 21.39%, respectively.
On the weekly chart, there was a fall of 5.03%, accompanied by a monthly plunge of 14.84%. However, with the recent burning event, it is anticipated that prices will soon be boosted.
Hot Take: Optimism Amidst Falling Prices
Despite the decrease in price and market indicators, the Shiba Inu community’s continuous efforts to incinerate SHIB coins have generated optimism among traders and investors. The burning activity is aligned with the community’s goal of increasing the SHIB tokenomics. Although market charts may currently show negative sentiments, the significant burn rate surge suggests that there may be positive price movements in the future.
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