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Shiba Inu Burn Rate Spikes 30,000%; Can SHIB Price Make A Comeback?

Shiba Inu burn rate skyrocketed 30,000% in the last 24hrs as two projects burned billions of SHIB. Is SHIB price rally coming?
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Shiba Inu Burn Rate Spikes 30,000%; Can SHIB Price Make A Comeback?

Shiba Inu burn rate skyrocketed by over 30,000% in the last 24 hours, finally coming out of the SHIB burn shortfalls in the last few days. The major jump in the SHIB burn rate came after a wallet burned over 2 billion Shiba Inu tokens.

The Shiba Inu price rose as traders immediately respond to the $2 billion SHIB burned by the wallet linked to Blaze Token. Will Shiba Inu make a comeback from continuous downfall in trading volume amid the hype surrounding rival meme coin PEPE.

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Shiba Inu Burn Rate Skyrockets

According to the Shib burn portal, 2,259,598,377 Shiba Inu (SHIB) tokens were burned in 6 transactions in the last 24 hours. The Shib burn rate rises 30,940% as major wallets burned SHIB to decrease the circulating supply to 574.12 trillion.

A wallet belonging to Blaze Token burned 2,005,265,274 SHIB after swapping Ethereum (ETH). Blaze Token earlier committed to burn billions of SHIB tokens. It also burned nearly 5 billion BLZE tokens after the massive SHIB burn.

In addition, CultPunks NFT burned 246 million SHIB as promised earlier to 2% in buyback and burn SHIB. It will also send 1% to Shytoshi Kusama‘s Women in Blockchain fund. 

Also Read: Shiba Inu’s Shytoshi Kusama Can Ask Binance To List BONE, Here’s How

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Can SHIB Recover Amid PEPE Hype

Pepe coin (PEPE) is witnessing amazing hype, beating major meme coins such as Shiba Inu and FLOKI in terms of trading volumes. In the last 24 hours, PEPE has recorded $264 million in trading volume, surpassing all meme coins.

PEPE price is $0.000001073, down 16% in the last 24 hours after a 500% rally in a week. Meanwhile, SHIB price jumped 1% to $0.00000994, with a trading volume of $91 million in the last 24hrs.

Also Read: South Korea’s Largest Exchange Joins The SUI Token Hype

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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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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.
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