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

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%.

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.

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.