- Shiba Inu’s burn rate witnesses a massive 400% increase, coinciding with an uptick in its market price.
- The meme coin’s price shows notable growth, with a 2.70% rise in 24 hours, aligning with its increased burn rate.
Shiba Inu’s Remarkable Burn Rate Surge
Shiba Inu, the popular Ethereum-based meme coin, has stirred the crypto market with a striking 400% increase in its burn rate. Data from Shibburn, a dedicated SHIB burning platform, reveals a significant 395.43% rise in the burn rate on January 12. This surge, marked by the incineration of approximately 18.24 million SHIB in the last day, has piqued the interest of investors and traders in the crypto community.
Notably, a trio of major burn transactions played a crucial role in this upsurge, eliminating a substantial 16.56 million SHIB. This activity has brought the total number of SHIB tokens removed from circulation to an astounding 410.707 trillion.
Shibarium’s Activity Contrast
Despite this bullish trend in SHIB’s burn rate, Shibarium, Shiba Inu’s Layer 2 blockchain, experienced a noticeable dip in its transaction volume. The network, which recently saw over 6 million daily transactions, recorded a decrease to 1.86 million transactions. This juxtaposition highlights the varied dynamics within Shiba Inu’s ecosystem, as the community focuses on reducing the token’s supply.
SHIB’s Price Movement Mirrors Burn Rate
The Shiba Inu token is currently trading at $0.00001021, reflecting a 2.70% increase over the past day. This price surge is complemented by a 3.69% rise on a weekly scale and a 5.99% jump over the month. The alignment of the token’s price rally with the escalated burn rate suggests a growing bullish sentiment among investors.
Interestingly, the token’s recent performance has led to the shedding of a zero from its price, a move that has further bolstered optimistic views among market participants. This development in Shiba Inu‘s price, coupled with its aggressive burn strategy, positions the meme coin as a notable player in the volatile cryptocurrency landscape.
Shiba Inu’s significant burn rate increase and corresponding price rise mark a pivotal chapter in the token’s journey. As the meme coin continues to evolve and attract attention, its impact on the broader crypto market remains a subject of keen interest for traders and enthusiasts alike.