Altcoin News

Shiba Inu Burn Rate Soars 2000% With Over 5 Mln SHIB Destroyed, Price Rebound Ahead?

Shiba Inu, an Ethereum-based altcoin, caught noteworthy attention today as the token noted an uptick in its burn rate amid a price pump.
Published by
Shiba Inu Burn Rate Soars 2000% With Over 5 Mln SHIB Destroyed, Price Rebound Ahead?

Shiba Inu, one of the most eminent meme coins built atop the Ethereum blockchain, gained phenomenal traction within the broader crypto market on Friday as the token witnessed a colossal surge in its burn rate. This remarkable upsurge soon nabbed noteworthy attention among crypto market enthusiasts globally, as it surfaced amid a significant price jump noted by Shiba Inu.

Moreover, aligning with the surge in SHIB burn rate, the meme coin seems to have witnessed three substantial burn transactions, collectively burning millions of SHIB over the past 24 hours. Meanwhile, Shibarium, a layer-2 blockchain fostered by Shiba Inu, also scaled new summits, garnering notable attention globally.

Advertisement

SHIB Burn Rate Rockets Amid Shiba Inu’s Advancements

According to the data unveiled by Shibburn, a platform streamlining SHIB burning insights, the burn rate recorded a whopping 2274.64% surge over the past 24 hours on January 5, 2024. Furthermore, the Shiba community registered a staggering 5.20 million SHIB coins burnt during this period.

Notably, aligning with the aforementioned data, three noteworthy transactions amassed global attention, collectively burning 4 million coins throughout this span. Concerning this, the wallet address 0xa9d1…67e9 incinerated 3 million SHIB in a series of two transactions, whereas another wallet, 0x60812…253d, scorched 1 million SHIB.

Meanwhile, Shiba Inu’s layer-2 blockchain, Shibarium, also made significant advancements in the interim. According to reports, the Shibarium network took only 18 days to amass 1 million interacting wallets on its network. In contrast, some of the leading layer-2 networks, such as Arbitrum and zkSync, took a prolonged period to attain this. Furthermore, while writing, the total number of transactions on the Shibarium network totaled 256.08 million, showcasing the rising interaction of these wallets.

Simultaneously, aligning with Shiba Inu’s advancements, the token’s price also noted an upward trajectory today.

Also Read: Solana Co-founder Unveils Commitment To Continue Layer 1 Scaling

Advertisement

Shiba Inu Price Springs

As of writing, the Shiba Inu price chart portrayed a downward trajectory over the past 24 hours, dipping 4%, reaching $0.00000953. The meme coin’s weekly chart portrayed a 8% plunge, fueling further inferences for the token.

Meanwhile, with Shiba Inu witnessing a colossal surge in its burn rate, further accompanied by the rush on Shibarium, crypto market fanatics seem to be amassing bullish sentiments for the token.

Also Read: Ethereum Validator Exit Queue Hits Record 16400 Amid Celsius ETH Unstaking Plans

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

  • 24/7 Cryptocurrency News

LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus

Leading cryptocurrency exchange LBank has signed a historic sponsorship deal with the Argentine Football Association…

September 28, 2025
  • 24/7 Cryptocurrency News

ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers

ASTER dominates decentralized perp trading with $42 billion in daily volume. Meanwhile, Wintermute moved $4.8…

September 28, 2025
  • 24/7 Cryptocurrency News

USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure

Native Markets has staked and locked 200,000 HYPE tokens for three years, making USDH the…

September 28, 2025
  • 24/7 Cryptocurrency News

SEC to Decide on Six Spot XRP ETF Applications in October

The U.S. Securities and Exchange Commission (SEC) is preparing for a key week in October…

September 28, 2025
  • 24/7 Cryptocurrency News

Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL

Ripple has partnered with Ondo Finance to combine traditional finance with blockchain technology. This partnership…

September 27, 2025
  • 24/7 Cryptocurrency News

Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows

Ethereum’s exchange supply has dropped by more than 52% from their 2016 levels, hitting a…

September 27, 2025