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SHIB News: Shiba Inu Burn Rises 1500% Amid Price Rally Anticipation

Shiba Inu burn rate has soared 1500% in the last 24 hours after another massive burn of SHIB tokens. Will SHIB price rally?
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SHIB News: Shiba Inu Burn Rises 1500% Amid Price Rally Anticipation

SHIB News: Shiba Inu burn rate soared over 1450% in the last 24 hours after another massive burn of SHIB tokens. The community leveraged the meme coin season to increase the burn rate and number of users holding Shiba Inu.

Over 2.9 billion SHIB have been burned by the Shiba Inu community this week, but the price hasn’t shown any significant shift as other meme coins recorded the highest trading volume. Most believe it’s time to bring a rally back to SHIB.

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Shiba Inu Burn Rate Soars Amid Rising Sentiment

According to the Shibburn portal, 231,886,112 SHIB tokens were burned in 8 transactions in the last 24 hours. As a result, the SHIB burn rate jumped nearly 1500%.

Mos of the burn were contributed by two wallets. A dominant Shiba Inu wallet burned 200,583,666 SHIB tokens and another wallet burned 16,324,455. The circulating supply has now reduced to 574.86 trillion, which is still higher.

Shibburn announced launching a website in June in order to increase burn rate. It will still track SHIB burns, but introduce several tools to help with burns. Users can earn SHIB through an affiliate program and web3 advertising system.

Meanwhile, lead developer Shytoshi Kusama and Shibarium telegram group admin hinted at likely launch of the Shibarium mainnet near August.

Also Read: Degen Ben.eth To Launch 3rd Scam Meme Coin After BEN and PSYOP

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SHIB Price to Rally Amid Positive News?

Shiba Inu continued to move sideways this week falling 15% in May amid PEPE meme coin hype and investors flocking to other meme coins.

SHIB price currently trades at $0.0000087. The 24-hour low and high are $0.0.00000870 and 0.00000889, respectively.

Also Read: Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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