Shiba Inu (SHIB), the popular meme crypto, has been witnessing a price rally recently owing to massive token burns. SHIB recorded another significant burn on Friday, December 22, 2023, on Shibarium. Over 8.4 billion SHIB tokens were burned during this transaction, marking the fourth burn via Shibarium. The Shiba Inu price rally is expected to get a push due to the latest update.
According to Shibburn, in the latest SHIB burn transaction, it was spotted that 8.47 billion tokens were transferred from an unknown wallet, 0xc7d.., to a dead wallet. However, the SHIB burn rate was down by 1.12%, considering the last day’s massive burn.
The latest burn marked the fourth time when Shibarium used a significant amount of its gas fees to curb the circulating supply of SHIB. As reported by Coingape earlier, 8.53 billion SHIB tokens were burned via Shibarium, which were worth around $90,000. This burn spiked the SHIB burn rate to 161,540.53%. The surge in the burn rate is expected to push the Shiba Inu price rally further.
Furthermore, similar burns were noticed on December 4 and December 16 when 8.24 billion and 8.61 billion tokens were burned, respectively. In just 19 days, the total Shibarium-powered SHIB burns amounted to a whopping 33.85 billion. Whilst, 410.69 trillion SHIB tokens have been burnt so far.
The recent hike in SHIB burn has been met with other advancements in Shibarium. The platform has seen a surge in transactions as the daily transactions hit the 7 million mark recently. In addition, the total transactions amount to 168.48 million.
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As of writing, the SHIB price was recorded to be $0.0000107, gaining 2.64% in value on Saturday, December 23. Furthermore, the market capitalization of Shiba Inu increased by 2.65% and stood at $6.3 billion. Moreover, the 24-hour trade volume for the dog-theme crypto spiked by 30.42% and was recorded to be $254.55 million.
In the last seven days, SHIB has gained nearly 9% in value amid several volatile sessions. Meanwhile, the Doge-killer’s 1-month gains exceeded 31%, which was powered by the recent massive SHIB burns carried out on Shibarium.
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