Shiba Inu and the cryptocurrency market had a very good start to 2023. The majority of cryptocurrencies were trading in double digits at the start of the year, which saw a positive rally.
Read more: Central African Republic is Drafting a Cryptocurrency Bill
Since the start of the year, Shiba Inu has also been exhibiting an increase in SHIB burns. However, it hasn’t been constant the entire time. The burn rate has increased significantly on some days, but it has also decreased noticeably on others. According to Shibburn’s details, the burn rate had decreased by 55.23% at the time of publication, with only 7,860,346 SHIB being sent to dead wallets.
Shiba Inu price soars over 19% over the last seven days
According to CoinMarketCap data, Shiba Inu is trading at $0.00001221, with a spike in value of 1% over the last 24 hours. SHIB has also gained over 19% over the last seven days and 45% over the last 30 days.
The 24-hour trading volume has also dropped considerably by 50%. Despite the decent spike in value, the burn rate seems to be at a constantly lower level. The initial spike in burn rate during the first few days of January is not visible now.
However, once Shibarium is launched, it is likely to help boost the burn rate by sending more SHIB to dead wallets.