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The cryptocurrency market opened weak on Wednesday morning, with Bitcoin and smaller coins seeing a downward spiral. At press time, Bitcoin was down 7.21% while Ethereum was off 7.71%.
The pessimism was also reflected in meme coin Shiba Inu’s price, which slid nearly 12.97% over the last 24 hours. The price dip came as a surprise to investors as the token saw a spike in its burn rate earlier this week. The surge in burn rate comes amid growing interest in the Shibarium, a layer-2 blockchain, launched last by Shiba Inu last year.
Interest in Shibarium Grows, but all’s not well with SHIB
More than 12.46 million SHIB tokens have been burned over the last 24 hours, with the meme coin seeing a 321% jump in its burn rate during the period. While the tokens were incarcerated across multiple transactions, one transaction stood out in particular, which carried over 12.43 million SHIB tokens to burn addresses.
The total number of SHIB tokens burned to date exceeds 410.69 trillion. Last November, CoinGape reported that SHIB experienced an exponential 500,000% rise in its burn rate, with 264.20 million tokens sent to burn addresses in just 24 hours.
Massive SHIB Token Burn Fails To Spur Price Rally
Coin burning is often carried out to decrease the token’s supply and increase its value as investors prefer rare crypto assets over those with an unlimited supply. However, the recent SHIB burn attempt failed to boost the price of Shiba Inu.
As of writing, SHIB’s price stood at $0.000009301, down 12.96% over the last 24 hours. SHIB currently commands a market capitalization of $5.48 billion, making it the 17th largest cryptocurrency. Meanwhile, trading volumes were up 98.46% over the last 24 hours to $299.28M.
While SHIB was dubbed the “Dogecoin killer” on account of its soaring value in 2021, the dog-themed cryptocurrency is still trading below its lifetime high of $0.00008845 recorded in October 2021.
Total addresses holding SHIB tokens have increased by 0.015% to 1.36 million over the last 24 hours. Meanwhile, more than $98,000 in SHIB trades have been liquidated during that timeframe.
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