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Shiba Inu (SHIB) 1804% Burn Rate Breaks Records, Fueling Price Surge

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Shiba Inu, SHIB, Memecoin, Shytoshi Kusama

Shiba Inu, SHIB, Memecoin, Shytoshi Kusama

  • Shiba Inu (SHIB) burn rate soared over 1804% in the last 24 hours.
  • SHIB price climbs around 4% in a day.

Shiba Inu (SHIB), the second-largest meme coin, has shown a substantial rise in burn rate after a few days of staying deep below zero. At the time of writing, the Shibburn portal reveals that within the last 24 hours, SHIB holders have managed to eliminate a total of 50,258,924 SHIB from circulation, equivalent to a mere $383 in value.

The burn transactions responsible for this reduction in token supply include four notable transactions, with the two largest ones amounting to 27,502,303 SHIB and 12,034,353 SHIB, respectively. These tokens have been transferred to dead-end wallets, effectively removing them from circulation.

Shiba Inu (SHIB) Burn Rate (Source: Shibburn)

Shiba Inu (SHIB) Price Shows Upward Movement

The prominent meme coin records a noticeable uptick in the trading volume of SHIB, indicating a surge in trading activity and heightened interest among traders. Contributing to the overall positive market trend. The moving average for SHIB is currently positioned above the 50 MA, indicating a more optimistic market trend for the token.

According to CoinMarketCap, the Shiba Inu price experienced some gains in the last 24 hours. That signaling some renewed interest in the meme coin. Also, the extent of the SHIB price rise is yet to be determined, which suggests a potential shift in market sentiment.

At the time of writing, Shiba Inu traded at $0.000007613, with a price surge of over 4% in a day and 13% in the last 14 days. Also, SHIB’s 24-hour trading volume soared around 29% to $123 million. But still, Shiba Inu prices declined 2.7% in a week. However, currently, the meme token is in the buy zone.

Shiba Inu (SHIB) Price Chart (Source: Tradingview)

Further, the Shiba Inu frenzy has not yet faded. Investors and enthusiasts are eagerly observing these developments. Hoping for a sustained upward trajectory in both burn rates and token value.

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