Shiba Inu (SHIB) Burn Rate Spikes, Soars After Days of Red

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

Shiba Inu, the second largest meme coin, has established itself as a prominent presence in the cryptocurrency world. The team behind SHIB has consistently demonstrated its commitment to its development and burn rate, as evidenced by initiatives like the Shiba Inu Burn program.

The Shiba Inu burn rate has gained a reputation for its fluctuating nature. Some days witness substantial increases, while others see a decline. Despite this variability, the burn rate has remained relatively steady in recent days, with billions of SHIB tokens being burned daily.

According to the latest details from Shibburn, the burn rate has soared by 261.54% in the last 24 hours. This surge comes after consecutive days of a slumping burn rate. During the last 24 hours, 23,950,200 SHIB were sent to dead wallets.

Source: Shibburn

Shiba Inu Trades in the Red Despite Rising Burn Rate

The latest data from CoinMarketCap reveals that SHIB is not trading at its best at press time. Data shows that SHIB is trading at $0.000006609 with no major fluctuations in the last 24 hours.

The second-largest meme coin is also down by 18.53% in the last seven days. SHIB is not trading at its best currently. The crypto market as a whole is in the aftermath of the SEC lawsuit against Binance and Coinbase.