Shiba Inu’s (SHIB) burn rate has spiked by 1677.45%, burning over 131 million tokens in the last 24 hours. One transaction, in particular, drove the burn rate, removing over 123 million SHIB tokens from circulation.
Also Read: Shiba Inu: Here is When SHIB Could Reach $0.02
However, despite the spike in the burn rate, Shiba Inu’s (SHIB) price has dipped, falling 3.2% in the last 24 hours. Nonetheless, the token is still up over 11% in the 14-day charts and over 25% in the previous month.
The general crypto market has faced a correction in the last 24 hours. Bitcoin (BTC) has fallen 1% in the daily charts, and Ethereum (ETH) has dipped by 0.7% in the same time frame. Solana (SOL) has plummed by over 4%, and Avalanche (AVAX) has dropped by more than 6% in the same time frame.
Will Shiba Inu gain momentum by the New Year 2024?
SHIB’s price has struggled for most of 2023. Since January, the token has only rallied by about 28%. Memecoins, in general, have taken a back seat this year. Dogecoin (DOGE), SHIB’s main rival, rallied by just over 32% in the same time frame. Other altcoins, on the other hand, have shown better performance. Solana (SOL), for example, has rallied by over 1000% since January 2023.
Also Read: Will Shiba Inu (SHIB) Overtake Dogecoin (DOGE) in 2024?
However, things may change for the popular memecoin very soon. If the crypto market enters another bull run next year, Shiba Inu (SHIB) may see a meteoric rise in its price. Moreover, the team is working on several new initiatives for the SHIB ecosystem. The initiative will focus on increasing burns and pushing for more adoption. The project also launched its layer-2 network earlier this year. Although the launch did not propel SHIB’s price immediately, it could lead to more applications on the SHIB network.