Shiba Inu Burn Rate Spikes By 400% Amid Positive Price Trajectory

Vignesh Karunanidhi
Shiba Inu Burn Rate Spikes By 400% Amid Positive Price Trajectory
Source: Analytics Insight

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 Rate program, reflecting their dedication to the coin’s progress.

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 displayed relative stability, with a consistent daily burning of millions of SHIB.

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According to the latest details from Shibburn, the SHIB burn rate has surged by 407% amidst positive market conditions.

SHIB Burn rate soars by 400%

Shibburn data shows that 142.8 million SHIB have been sent to dead wallets in the last 24 hours. Several small and large transactions contributed to the rise in the burn rate during this period.

Also read: Shiba Inu Price Prediction (SHIB): October End 2023

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.

CoinMarketCap data shows that SHIB is trading at $0.000007583, with a 4.3% surge in value over the last 24 hours.