Shiba Inu Price: Shiba Inu Burn Rate Soars 1400% As 61 Mln SHIB Erased

The SHIB crypto, a widely recognized meme coin, has recently surged in popularity due to a remarkable increase of over 1400% in the Shiba Inu burn rate. In just 24 hours, investors witnessed the erasure of over 61 million SHIB tokens, signaling a fervent burning spree for the meme coin.

Meanwhile, the Shiba Inu community is buzzing with excitement as the burn rate surge coincides with a 3% increase in the Shiba Inu price, reflecting a growing confidence among investors.

Shiba Inu Burn Rate Soars As Millions Of SHIB Destroyed

In the past 24 hours, the Shiba Inu burn rate hit a record-breaking 1411.75%, culminating in the obliteration of 61.41 million SHIB tokens. This notable surge in the burn rate, as reported by Shibburn, has sparked curiosity among the Shiba Inu community as well as the crypto market enthusiasts.

Meanwhile, the burning frenzy is exemplified by the highest burns, including 27.21 million SHIB from wallet address 0x85a….4bcc7, 21.78 million SHIB from the same wallet address, and an additional 10 million SHIB from wallet address 0x439….eb4b0.

Notably, this surge in burning activity comes amidst a broader trend where Shiba Inu has gained significant traction in recent weeks. The burning spree has led to the elimination of 410.70 trillion SHIB from the maximum total supply of 999.98 trillion. As of now, the circulating supply stands at 581.30 trillion SHIB, showcasing the remarkable impact of the burning initiatives on the overall token supply.

Also Read: 5 Reasons Why Solana (SOL) Price Skyrocketing Daily

Investors Regains Confidence As Price Soars

The surge in the Shiba Inu burn rate is complemented by a 3% increase in the Shiba Inu price, suggesting that investors are growing more confident in the meme coin. The burning of tokens is often seen as a strategy to create scarcity, potentially driving up the value of the remaining tokens. This dual movement—increased burn rate and a positive price trend—reflects a dynamic and engaging period for Shiba Inu enthusiasts.

As the burning spree continues, investors eagerly watch to see how this surge in confidence and burning activities will impact the long-term trajectory of Shiba Inu in the highly competitive cryptocurrency market.

Meanwhile, as of writing, the Shiba Inu price was up 3.20% and traded at $0.000009318. Its trading volume over the last 24 hours also soared 47% to $127.22 million at the same time. Notably, the crypto has touched a high of $0.000009432 and a low of $0.000008947 in the last 24 hours.

Also Read: Ripple Offloads 46 Mln XRP Tokens Amid Price Rebound, Nosedive Ahead?

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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