Shiba Inu’s Burn Rate Soars 1411% After SHIB Price Drop

Shiba Inu Shib

In the last 24 hours, the meme-inspired cryptocurrency Shiba Inu (SHIB) saw its burn rate skyrocket by 1411%, removing a staggering 61 million SHIB tokens from circulation. This surge in burning potentially contributed to the reduction of one zero from its price.

Data from Shibburn reveals a staggering 1411% surge in Shiba Inu’s burn rate, resulting in the elimination of 61 million SHIB tokens in the past 24 hours. Notably, two wallets, with addresses 0xf8791b43…ccbb3 and 0x0327cb7f…76c9f, contributed significantly to this burn, using up 27 and 21 million SHIB tokens in a single transaction.

Shiba Inu Price Nears Historic Milestone

This substantial burn has played a crucial role in the recent increase in the SHIB burn rate, with a total of 410.7 trillion SHIB tokens permanently removed from the initial supply.

Amidst a remarkable surge in the burn rate, the price of Shiba Inu (SHIB) is on the verge of a historic moment, nearing the possibility of shedding one more zero and briefly touching the $0.00001 mark. This anticipated milestone, eagerly awaited by the SHIB community, evokes a mix of hope and doubt in the crypto world.

Currently, the price of Shiba Inu has risen by 3.89% in the last 24 hours, trading at $0.000009323. The trading volume has surged by 52.89%. Furthermore, the recent price increase has propelled this meme-based crypto token to 19th place in terms of market ranking, boasting a market cap of $5.4 billion.

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Overview of Meme Coin Performance

Examining the landscape of meme coins, Dogecoin (DOGE), the pioneer in this category, holds the 11th position with a price of $0.08128. It has experienced a slight 0.1% increase in the last hour and a notable 3.9% increase over the past seven days, boasting a market cap of $11.6 billion.

Meanwhile, other players like Bonk (BONK) have seen a significant 17.1% increase over the week, indicating strong momentum. Conversely, CorgiAI (CORGIAI) exhibited a more modest 0.6% weekly growth.

Pepe (PEPE) and dogwifhat (WIF) showcase divergent trends, underscoring the ever-changing and sometimes unpredictable nature of meme coins.

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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