Altcoin News

Shiba Inu News: SHIB Burn Soars 200%, Price Rally To $0.01 Imminent?

Shiba Inu, a prominent meme coin, gained significant traction today with a roughly 200% surge in its burn rate amid the SHIB price pump.
Published by
Shiba Inu News: SHIB Burn Soars 200%, Price Rally To $0.01 Imminent?

Highlights

  • Shiba Inu burn rate notes down a nearly 200% upswing.
  • Total transactions on Shibarium scales new heights amid partnership with K9 Finance and Marswap expansion.
  • Shiba Inu price soars, mirrors surge in burn rate.

Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again curated a tidal wave of speculations across the broader crypto market on Friday, following a colossal surge witnessed in its burn rate. As per Shiba Inu’s burn tracker Shibburn, a whopping 7.64 million SHIB was incinerated over the past 24 hours, nabbing significant attention globally. As a result, the burn rate soared to 191.69%, as per market charts. Meanwhile, the meme coin traded primarily in the green as of press time, mirroring today’s surge in its burn rate.

Advertisement

SHIB Burn: A Closer Look Into the Report

According to the data unveiled by Shibburn, Shiba Inu, with a total supply of 999.98 trillion tokens, has now incinerated a staggering 410.70 trillion coins as of writing. Moreover, concerning the surge in burn rate witnessed today, two prominent burn transactions appear to be responsible for the upswing’s lion’s share.

The wallet address 0xa9d1e08c7793af6…7fb81d3e43 moved 4.01 million SHIB to a dead wallet recently, whereas the address 0xa9d1e08c7793af6…7fb81d3e43 shifted 3.60 million SHIB to a dead wallet, phenomenally aiding in the upsurge. The transfer to dead wallets decreases the number of Shiba Inu tokens circulating within the market, diminishing the token’s supply. This phenomenon further aligned with the price jump witnessed by SHIB today, sparking immense curiosity among crypto market traders and investors.

In the interim, Shibarium, Shiba Inu’s L2 network, jotted 340.57 million transactions altogether as of writing, showcasing amped-up activity on the network. In addition, the recent integration of the LSD (Liquid Staking Derivative) K9 Finance appears to have further piqued the interest of crypto market enthusiasts.

Intriguingly, Marswap’s ( a DEX on Shiba Inu’s L2 Shibarium) plans to expand its services on Shibarium also accompanied the recent tempest of stride marked by the Ethereum-based meme coin, propelling market optimism for the token.

Also Read: Bankrupt Lender Genesis Global Settles Lawsuit With New York Regulator

Advertisement

Shiba Inu Price Springs

The Shiba Inu price noted a 2.75% surge over the past 24 hours and is currently trading at $0.000009317. Furthermore, its trading volume and market cap noted a 74.47% and 2.72% jump, respectively.

The primary motive behind the Shiba crypto community’s burning of tokens comes as an effort to jack up the SHIB tokenomics, as seen by today’s upswing. Meanwhile, the community’s recent developments appear to have additionally aided the SHIB price pump. The continuous burning of SHIB, along with the Shiba crypto community’s monumental developments in recent days, paves the way for the token’s potential price surge to $0.01.

For context, in the last bullish market, Shiba Inu transformed regular investors into millionaires, sparking increased interest in the project among those seeking exponential portfolio growth. On the other hand, the latest burning frenzy has also created a buzz among the traders.

It’s worth noting that the token’s burn program plays a crucial role in SHIB’s potential. As the supply diminishes, the law of supply and demand suggests a substantial rally could propel it to $0.01.

Also Read: Crypto Prices Today: Bitcoin Nears $46K, Pepe Coin Continues Rebound & DYM Surges 30%

Share
Coingape Staff

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.

Published by
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.
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.

Recent Posts

  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025