Shiba Inu (SHIB) Burn Rate Surges Amidst Sluggish Market Activity

Vignesh Karunanidhi
Shiba Inu Burn Rate Plummets By -84% Despite Shibarium Launch
Source: MARCA

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 tokens.

Also read: Shibarium Hits Record High While 49 Billion SHIB Change Hands by Whales

According to the latest details from Shibburn, the SHIB burn rate has surged by 103% amidst slumping market conditions.

SHIB Burn rate soars by 103%

Shibburn data shows that 25,433,809 SHIB have been sent to dead wallets in the last 24 hours. Several small and big transactions contributed to the rise in burn rate during this period.

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 not performing at its best.

CoinMarketCap data shows that SHIB is trading at $0.000007814, with a 1.2% surge in value over the last 24 hours.