- Shiba Inu’s burn rate experiences an unprecedented 600% spike.
- The Shiba Inu community incinerates a massive 115.76 million SHIB tokens in the past 24 hours.
Shiba Inu’s Spectacular Burn Rate Surge
Shiba Inu, the meme coin that has captured the attention of the crypto world, recently caused a significant stir by witnessing an astounding 600% surge in its burn rate. This remarkable event, marked by the incineration of over 115 million SHIB tokens within a 24-hour period, has created a wave of excitement in the cryptocurrency market.
Burn Rate Soars As SHIB Tokens Go Up in Smoke
The burn tracker Shibburn revealed startling on-chain insights about Shiba Inu’s burn rate. On February 2nd, the Shiba community witnessed a phenomenal 660.22% increase in the burn rate. This spike was driven by the incineration of an eye-popping 115.76 million SHIB tokens, injecting renewed optimism into the cryptocurrency’s future.
Notably, a significant portion of this burn rate surge can be attributed to the Shiba community’s decision to transfer 111.66 million SHIB tokens to a dead wallet, as indicated by Shibburn’s data. In addition to this major move, two specific wallet addresses, 0xc608… and 0xa9d…, contributed to the upswing by burning 2.1 million and 1.66 million SHIB tokens, respectively. The community’s collective action resulted in a remarkable surge in the burn rate, catching the attention of crypto traders and investors worldwide.
Price Surges as Supply Shrinks
One of the immediate consequences of this substantial burn rate surge was a notable increase in the price of Shiba Inu. This phenomenon can be explained by the reduction in the token’s total circulating supply, which has created a sense of scarcity in relation to the growing demand for SHIB tokens.
As of the time of writing, the price of Shiba Inu has experienced a 1.80% jump within the past 24 hours, with a current trading value of $0.000009039. Additionally, the weekly chart reflects a 0.27% increase, accompanied by a 16.24% decrease in market capitalization.
In summary, the spectacular surge in Shiba Inu’s burn rate, driven by the community’s strategic moves, has led to a surge in SHIB‘s price. This event underscores the dynamic nature of meme coins within the cryptocurrency landscape and has left many intrigued by the token’s future trajectory.