SHIB Burn Rate Zooms By 260% Amid Price Crash; What’s Next?

Coingapestaff
February 22, 2023 Updated July 22, 2025
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Shiba Inu Burn Rate SHIB Shibarium

Shiba Inu (SHIB), is the second largest meme coin in the crypto market that runs on the Ethereum network. The thing that was introduced as a joke in August 2020 has become a prominent part of the cryptocurrency community. As per the data provided by Shibburn, the SHIB burn rate has spiked by around 260% over the last 24 hours.

Still, despite the fact that the percentage growth is high the SHIB burn rate, the price of the token hasn’t performed well. According to CoinMarketCap, over the past 24 hours, the SHIB price has gone down by 5.59%.

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SHIB Burn Rate Rises Nearly 260%

The pace of Shiba Inu tokens burned by the community went high in the sky as the popular meme coin has reached a few important milestones related to holders and crypto trading. Shiba Inu’s (SHIB) burn rate has increased by roughly 260% in the previous 24 hours, according to the aforementioned crypto tracking platform. To achieve this figure, the SHIB army burnt almost 7,244,256 Shiba Inu tokens.

The meme coin has maintained a positive streak of SHIB burns since the beginning of 2023. The reason behind the surge could be the forthcoming shibarium launch. As many meme coin lovers believe the launch of layer 2 blockchain might help them burn more SHIB, which can provide a boost to the burn rate.

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Shiba Inu price dips

Shiba Inu’s price was soaring earlier this year, and experts were hoping that the meme token will reach new highs. However, its price soon reversed from its local high, and it has been struggling to gain momentum since then.

At press time, SHIB is trading at $0.00001276, down by 5.82% in the past 24 hours. With a market capitalization of $7.02 B and a 24-hour trading volume up by 8.28%. Now it stands at $343,286,080. At the same time, the circulating supply is approximately 549,063,278,876,302 SHIB as per the crypto market tracker CoinMarketCap.

Also Read: This Shiba Inu Coin Spin-off Cracks Triple-digit Gains

Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only.

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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.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
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.
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.