Highlights
Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again curated a tidal wave of speculations across the border crypto market on Friday, as the token’s burn rate surged over 600%, nabbing significant attention globally. As per on-chain insights unveiled by the burn tracker Shibburn, the Shiba crypto community jotted down the incineration of a staggering 115.76 million SHIB over the past 24 hours, propelling market optimism for the cryptocurrency.
Meanwhile, the meme coin’s market charts also noted a prompt uptick following the surge in the SHIB burn rate, mirroring the community’s effort to jack up the token’s tokenomics.
According to Shibburn’s data, the Shiba Inu burn rate surged 660.22% today, February 2. Moreover, among the total SHIB incinerated over the past day, the Shiba community’s transfer to a dead wallet appears to be primarily responsible for the colossal upswing.
Aligning with this, the meme coin’s community transferred 111.66 million SHIB to a dead wallet, as per Shibburn’s data. Whereas, two wallet addresses appear to have additionally aided today’s burn upswing.
The address 0xc608… incinerated 2.1 million SHIB, while another address, 0xa9d…, burned 1.66 million SHIB today. Simultaneously, the burn rate surged phenomenally, garnering crypto traders’ and investors’ attention.
Intriguingly, the meme coin’s price also marked a prompt jump following the surge in burn rate. This primarily happens due to the reduction in the token’s total circulating supply, resulting in the coin’s scarcity when compared to the demand.
Also Read: ZetaChain (ZETA) Price Jumps 150% On Debut, What’s Behind The Rally?
As of writing, the Shiba Inu price jumped 1.80% over the past 24 hours and is currently trading at $0.000009039. Meanwhile, the token’s weekly chart also showcased a 0.27% upswing, accompanied by a market cap drop of 16.24%.
The recent pump in the token’s value appears to come due to the notable upswing in its burn rate, mirroring the community’s efforts to jack up the SHIB tokenomics.
Also Read: Binance CEO Lauds XRPL’s Swift Response In Recent XRP Hack
This week, corporate Bitcoin treasuries exceeded 1 million BTC in total holdings. From September 1…
Popular gold advocate Peter Schiff has criticized Bitcoin’s weakness against gold, calling it near bear…
Arkham Intelligence has identified 45,000 Bitcoin (BTC), valued at nearly $5 billion, that remains untouched…
Ethereum ETFs faced a sharp investor pullback this week, shedding nearly half a billion dollars…
World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…
Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…