Shiba Inu Burn Rate Soars By 161540.53%; SHIB Price Reacts

Vignesh Karunanidhi
Shiba Inu Burn Rate Surges 161540.53%; SHIB Price Reacts

Shiba Inu, a notable meme coin and the second largest in the cryptocurrency market, has garnered significant attention. The development team has been actively engaged in initiatives like the Shiba Inu Burn.

The Shiba Inu burn rate has been subject to fluctuations, with some days witnessing higher numbers while others show a decline. However, in recent times, the burn rate has been notable, with billions burned on certain days.

Also read: Ethereum Gears Up for Data Storage Breakthrough with Dencun

According to the latest details from Shibburn, the SHIB burn rate has skyrocketed by 161540.53% amidst positive market conditions.

Shiba Inu burn rate

Shiba Inu burn rate soars by 161540.53%

Shibburn data shows that 8,593,932,621 SHIB have been sent to dead wallets in the last 24 hours. One large transaction that occurred 5 hours ago sent 8,533,564,693 SHIB to the dead wallet.

The spike in the burn rate has provided the SHIB community with relief from the slumping burn rate. The surge in burn rate comes at a time when Shiba Inu is performing better in comparison to the past few weeks.

Following the surge in burn rate, CoinMarketCap data shows that SHIB is trading at $0.00001064, with a 3.5% surge in value over the last 24 hours.