Shiba Inu Burn Rate Soars 4200%, SHIB Price $0.00001 Next?

In a fiery display, SHIB, a prominent player in the meme coin realm, has witnessed an astonishing surge in the Shiba Inu burn rate, surpassing expectations and leaving a trail of over 410.7 trillion SHIB tokens incinerated from its maximum supply. Notably, this surge, an impressive 4200% increase, has propelled Shiba Inu into the spotlight, drawing attention from crypto enthusiasts and financial analysts alike. In other words, the burning frenzy over the last 24 hours, has created ripples in the crypto market.

Shiba Inu Burn Rate Surge 4200%

The Shiba Inu burn rate, monitored by the tracking platform, Shibburn, has experienced an astronomical 4240.91% surge in the past day, resulting in the torching of a staggering 15.71 million SHIB tokens over the last 24 hours. Notably, this remarkable spike in burning activity has captured the interest of investors and market observers, underscoring Shiba Inu’s growing significance within the cryptocurrency landscape.

Meanwhile, against the backdrop of a burgeoning crypto market, fueled by optimism surrounding Spot Bitcoin ETFs, Shiba Inu has emerged as a standout performer. The coin’s popularity among crypto enthusiasts has contributed to its distinctive position, drawing attention not only for its meme coin status but also for its active community engagement, particularly in Shiba Inu burn activities.

Notably, the current burn rate has resulted in the elimination of a substantial portion of Shiba Inu’s total supply. With over 410.7 trillion SHIB tokens now in ashes, the burning fervor shows no signs of slowing down. The total supply of Shiba Inu, standing at 589.29 trillion, and the circulating supply, currently at 581.25 trillion SHIB, reflect the impact of this impressive burn milestone.

Meanwhile, over the last 24 hours, notable wallet addresses have played a significant role in the burning spectacle. The top individual burns include 7.33 million SHIB from wallet address 0xaa3….d530b, 5.57 million SHIB from wallet address 0x084….526e9, and 1.25 million SHIB from wallet address 0x811….1954f. These substantial burns from key addresses add to the narrative of a fervent community actively participating in reducing Shiba Inu’s token supply.

Also Read: Top Crypto Gainers & Losses Today, Helium, Manta Network, SATS

Shiba Inu Price & Performance

Despite the significant surge in the burn rate, the SHIB price showed no resilience. As of writing, the Shiba Inu price was up only 1% over the last 24 hours and traded at $0.0000090.

In addition, its trading volume also increased 20% in the same time frame. The SHIB token has touched a low of $0.00000883 and a high of $0.00000912 in the last 24 hours.

However, as reported by CoinGape Media earlier, market analysts foresee a potential surge in Shiba Inu’s value if it breaches the initial resistance at $0.00001. A successful climb beyond this point, coupled with overcoming the next significant barrier at $0.000015, may pave the way for an upward trajectory toward the $0.00003 mark.

Meanwhile, Shiba Inu’s meteoric rise in burn rate, accentuated by the scorching of over 410.7 trillion SHIB, underscores the coin’s influence in the crypto space. As the burning continues, Shiba Inu remains a captivating player in the evolving narrative of meme coins, captivating both enthusiasts and market analysts alike.

Also Read: Top Analyst Warns Bitcoin Price Crash To $38130, Massive Selloff Ahead?