Shiba Inu, an Ethereum-based altcoin, saw a notable surge in traction today with its burn rate spiking by 200%.
Shiba Inu, often touted as the “Dogecoin killer,” experienced a notable surge in popularity within the broader crypto market on Monday. The token’s burn rate, as reported by Shibburn, exhibited a remarkable increase of over 200% in the past 24 hours, attracting significant global attention. Notably, the Shiba Inu community played a pivotal role in the substantial burning of SHIB, aligning with data disclosed by Shibburn.
Shiba Inu Burn Rate Surges 230%: Massive SHIB Incineration by Community
As per data shared by Shibburn, a platform providing insights into Shiba Inu burning activities, the burn rate experienced an impressive surge of 232.85% on January 22. The recorded burn amounted to 46.60 million tokens within the past 24 hours, generating significant interest among crypto enthusiasts.
The Shiba crypto community actively contributed to this substantial SHIB burning event through two consecutive transactions to dead wallets. In the initial transfer, the community directed a substantial 13.63 million SHIB to a dead wallet. Simultaneously, a noteworthy 30.46 million SHIB was moved in the second transaction.
While this initiative sparked optimism among traders and investors, reflecting the community’s commitment to enhancing SHIB tokenomics, market charts for the meme coin presented a different sentiment.
Shiba Inu Price Registers Declines: Potential Boost Anticipated
As of the latest update, the Shiba Inu price chart indicates a 3.27% decrease over the past 24 hours, with the current trading value standing at $0.000009197. Concurrently, both its market capitalization and trading volume experienced noteworthy declines, dropping by 3.27% and 21.39%, respectively.
Furthermore, a broader perspective from the weekly chart reveals a 5.03% decline, followed by a monthly plunge of 14.84%. Despite these downtrends, the recent significant burning activities within the Shiba Inu community are anticipated to provide a potential boost to prices in the near future.
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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