Shiba Inu, an Ethereum-based altcoin, sees a 400% surge in burn rate, coinciding with a significant price increase. This spike in burn rate signals a substantial reduction in Shiba Inu’s circulating supply, playing a role in the coin’s recent price momentum.
Shiba Inu, a widely known meme coin on the Ethereum blockchain, stirred excitement in the crypto market on Friday with a significant increase in its burn rate. According to Shibburn data, the meme coin experienced a remarkable 400% surge in its burn rate, capturing the attention and curiosity of traders and investors in the cryptocurrency market.
As the information about Shiba Inu’s burn rate emerged during its ongoing price surge, new insights and interpretations are starting to emerge for the token.
Shiba Inu’s Burn Rate Surges: Insights and Impact
Shibburn, a platform providing insights into SHIB burning activities, revealed a significant 395.43% increase in the burn rate on January 12. Correspondingly, an impressive 18.24 million SHIB tokens were burned in the past 24 hours. Notably, three prominent burn transactions played a key role in this surge, collectively incinerating 16.56 million SHIB out of the total.
The cumulative amount of SHIB tokens burned from the initial supply has now reached 410.707 trillion, capturing global attention. In contrast, Shibarium, the layer two blockchain associated with Shiba Inu, experienced a notable decline in activity. Currently, daily transactions on the network stand at 1.86 million, signifying a substantial decrease from the recent peak of over 6 million transactions per day.
Despite the decline in Shibarium’s activity, the surge in SHIB burn rate, coupled with Shiba Inu’s ongoing price rally, introduces an intriguing shift in market sentiments for the token. Investors and enthusiasts are closely monitoring these developments as Shiba Inu continues to make waves in the crypto landscape.
Shiba Inu Price Surges Alongside Increased Burn Rate
As of the latest update, the price of Shiba Inu has experienced a notable increase of 2.70% in the past 24 hours, currently trading at $0.00001021. The weekly chart for the token shows a 3.69% uptick, complemented by a monthly surge of 5.99%.
Interestingly, this price surge aligns with the concurrent rise in the SHIB burn rate. Notably, Shiba Inu recently shed another zero from its price, adding to the positive sentiment among crypto traders in the market. Investors are closely observing these developments as Shiba Inu continues to demonstrate resilience and upward momentum.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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