Shiba Inu has earned its place as a prominent meme coin. The meme coin has also entered the top 20 cryptocurrency list by market cap. The SHIB team has been quite consistent in terms of development. It is evident from the various initiatives from the meme coin team, including the Shiba Inu burn initiative.
Also read: Shiba Inu: Could Shibarium Burn 500 Billion SHIB?
The burn rate has earned quite a reputation for its inconsistent nature. The burn rate skyrockets on some days, whereas on other days it plummets. However, according to the latest data from Shibburn, the burn rate has spiked by 1,359% in the last 24 hours. This period witnessed over 13,139,734 SHIB being sent to dead wallets.
13.1 million SHIB sent to dead wallets
Even though the burn rate has soared by 1359%, it is considerably low in terms of numbers. The burn rate had some good days, with over 830 million and even 1.5 billion SHIB being sent to dead wallets.
In comparison, today’s burn rate is relatively low. However, all of this is believed to change once Shibarium is launched.
The slight spike in burn rate hasn’t affected the price of the meme coin positively. At press time, Shiba Inu is trading at $0.00001037, with a 0.44% drop in value in the last 24 hours.