Shiba Inu Burn Rate Spikes by 430%, 23 Million SHIB Burned

Vignesh Karunanidhi
Shiba Inu Burn Rate Spikes by 430%, 23 Million SHIB Burned
Source: Great Learning

Shiba Inu recently made headlines due to a rise in burn rate of more than 10129% in a single day. In 2023, this was one of SHIB’s occasional triumphs. In recent months, Shiba Inu has had variable burn rates. On some days, the burn rate is extremely high, while on others, it is substantially lower.

The community has also called out the developers for the varying burn rates. However, Shibarium was believed to be the game-changing upgrade that was set to take the burn rate to a higher level.

Now, after a few days of varying burn rates, the burn rate has shot up by 435% in the last 24 hours. Around 23.2 million SHIB were sent to dead wallets during this period.

Source: Shibburn

The majority of the burns happened over four transactions that involved two transactions of 5.2 million SHIB each and the other two of 1 million and 11.4 million SHIB.

Shiba Inu price spikes by 25%

The meme coins have been on a sprint, as Floki Inu and Baby Doge Coin have put on an outstanding performance with three-digit gains. However, Shiba Inu hasn’t had quite an outstanding run in terms of price. The meme coin spiked by only 25.5% over the last 30 days, as opposed to Floki Inu and BabyDoge.

Source: CoinMarketCap

SHIB is trading at $0.00001346 with a 2.01% gain in value over the last 24 hours. However, the price can potentially take off once Shibarium is launched.