Altcoin News

Shiba Inu Burn Rate Soars 300% Amid Shibarium Breakthroughs, SHIB Price To Rally?

The Shiba Inu meme coin's burn rate soared nearly 300% today amid Shibarium's notable breakthroughs. SHIB price notes an uptick.
Published by
Shiba Inu Burn Rate Soars 300% Amid Shibarium Breakthroughs, SHIB Price To Rally?

Highlights

  • Shiba Inu burn rate soars roughly 300% today.
  • The surge in burn rate runs alongside the community's plans to revolutionize Shibarium.
  • SHIB price jumps marginally, although derivatives data signal an uptrend for the token.

Amid the recent storm of breakthroughs witnessed by the meme coin Shiba Inu, another monumental achievement is garnering notable attention among crypto market enthusiasts across the globe. Shiba Inu’s remarkable burn rate surge noted today, February 20, appears to propel market optimism for the Ethereum-based meme coin across the broader crypto market.

As per insights offered by the burn tracker Shibburn, a whopping 298.21% surge in the SHIB burn rate sparked immense curiosity among crypto market traders and investors. With 2.03 million SHIB incinerated over the past day, the Shiba Inu community continues to ramp up efforts aiming to jack up the SHIB tokenomics.

Meanwhile, the Shiba Inu coin traded with heightened volatility today. However, it traded in the green as of press time, mirroring the impact of the surge in SHIB burn rate. The derivatives data for the meme coin further hinted at an uptrend in the market, birthing speculations over its run ahead.

Advertisement

SHIB Burn Upswing Coincides With Community’s Promises

According to the data revealed by Shibburn, with the colossal burn surge today, the Shiba crypto community jots down the incineration of a staggering 410.708 trillion SHIB from the token’s total initial supply. Currently, the total circulating supply equals 581.424 trillion SHIB, showcasing the massive impact of SHIB burn, as seen in the token’s reduced supply in the market.

Intriguingly, the surge in burn rate witnessed today goes hand in hand with the Shiba crypto community’s recent announcements, as also revealed in the Shib magazine. Reportedly, the Shiba crypto community plans to introduce an array of new features for Shibarium, Shiba Inu’s L2, that facilitates SHIB burn along with transactions on the network. This sparked immense optimism for the Shiba Inu token as its ecosystem further revolutionized its cryptographic venture.

In the interim, the meme coin’s community also revealed the imminent launch of KNINE and SHEboshi, further jacking up SHIB’s tokenomics across the crypto realm. KNINE is the liquid staking derivatives token on Shibarium, whereas SHEboshi positions itself as an ERC-404 token, a semi-fungible token.

The community’s noteworthy looming advancements were further mirrored by Shibarium today, as its daily transactions hit 3 million. Moreover, Shibarium’s TVL, as per DeFiLlama, neared the $1 million mark again, birthing optimism for the token.

Also Read: Mike Novogratz’s Galaxy Digital Doing Heavy Ethereum (ETH) Buying

Advertisement

Shiba Inu Price Soars

As of writing, the Shiba Inu price noted a marginal jump of 0.75% over the past 24 hours and is currently trading at $0.000009871. The price chart showcased that the meme coin traded primarily in the green today, although the token also briefly traded in the red.

The upward movement portrayed by Shiba Inu falls primarily in line with the upswing in burn rate, as the supply continues to plunge with tokens being destroyed. With the community’s recent advancements further coming into play, crypto market enthusiasts expect to see bolstered prices shortly ahead. The derivatives data for Shiba Inu also signals an uptrend in the market, when synced up with the jump in price. The open interest rose 2.69%, reaching $29.51 million, whereas volume jumped 51.94%, reaching $45.65 million.

Also Read: Starknet’s STRK Token Gains Momentum with Major Market Makers

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