News

SHIB Burn Rate Skyrockets 48000%, Shiba Inu Price To Rally?

The Shiba Inu cryptocurrency is once again creating a buzz in the crypto realm as Shibburn unveiled data showcasing massive burning of SHIB.
Published by
SHIB Burn Rate Skyrockets 48000%, Shiba Inu Price To Rally?

Shiba Inu, an Ethereum-based altcoin, is once again gaining popularity in the world of cryptocurrencies as the Shiba community once again burnt colossal amounts of tokens as of today, November 21.

Despite the price slump witnessed over the past twenty-four hours, the token gained substantial traction amid crypto market enthusiasts following the massive burning of coins.

The burning of SHIB tokens is a phenomenon that is very common in today’s crypto landscape, coming forth as the result of the Shiba community’s endeavor to jack up the SHIB tokenomics.

Advertisement

SHIB Burn Report: A Closer Look

According to the data offered by Shibburn, a platform facilitating SHIB burn insights, data showcased a massive surge in the burning of tokens. Notably, a whopping 47872% surge was recorded in the amount of SHIB tokens burnt over the past twenty-four hours, with 28.12 million coins burnt.

The aggressive burning of SHIB tokens seems to come as a result of the SHIB community building up support for its tokens, creating scarcity by reducing the supply.

As per the data insights offered by Shibburn, an unknown wallet address, 0x74dceef…665, caught the eyes of crypto traders and investors as it burnt enormous amounts of SHIB.

As of writing, the unknown address burnt 27.12 million SHIB approximately nine hours ago. Furthermore, a whopping 410.662 trillion SHIB tokens have been burnt to date as a result of the Shiba community jacking up the SHIB tokenomics.

Also read: Satya Nadella Says He’s OK With Sam Altman Joining Back OpenAI Instead of Microsoft

Advertisement

Shiba Inu Price Evaluation

The Shiba Inu price today witnessed a slump of 2.44% over the past twenty-four hours, reaching $0.000008391. Furthermore, the global market cap also witnessed a marginal decrease of 2.44%, as portrayed by market charts.

However, the twenty-four-hour trading volume noted a 36.38% increase, reaching $145.86 million today.

Interestingly, the aforementioned price slump witnessed by Shiba Inu comes contrary to the surge in the burning of tokens. Burning enormous amounts of tokens usually hints towards a reduction in the total number of tokens in circulation, resulting in a price hike.

However, the Shiba Inu Price going downhill has stirred up quite the speculation among crypto market enthusiasts.

Also read: Crypto Prices Today: BTC & CAKE Surge As PEPE Coin Plummets

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025
  • News

Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit

In fresh developments, the United States and China’s trade teams have commenced negotiations on the…

October 25, 2025