Shiba Inu, one of the most popular meme coins within the digital assets realm, once again amasses noteworthy attention among crypto market fanatics as it marked a colossal surge in its burn rate today. With the burn rate coming in the midst of Shibarium reaching new heights, the token seems to have gained significant traction within the cryptocurrency landscape.

Notably, the upswing in SHIB burn rate also comes amid a price jump recorded by the token, curating a whirlpool of speculations across the broader crypto market. Meanwhile, Shytoshi Kusama, Shiba Inu’s lead developer, spotlights the community’s advancements.

SHIB Burn Rate Soars As Shibarium Hits Zenith

According to the data unveiled by Shibburn, a platform offering SHIB burning insights, the token noted a surge of 421% in its burning chronicle over the past 24 hours. Moreover, the Shiba community incinerated 5.31 million SHIB over the past day. What’s more, is that the number of tokens burnt from Shiba Inu’s initial supply now amounts to 410.68 trillion.

Meanwhile, two significant burn transactions caught noteworthy attention across the crypto space, collectively burning 2.77 million SHIB in the interim.

In addition, Shibarium, a layer two project developed by Shiba Inu, also recorded significant advancements simultaneously. With its daily transactions nearing 7 million, the Shiba crypto community seems to be advancing in boosting the SHIB tokenomics.

As per Shibarium’s data, the network boasts a total of 2.22 million blocks on its platform as of writing. Remarkably, the network’s details were further spotlighted by Shytoshi Kusama, fueling optimism for the token.

Also read: BONK Price Extends Rally Supported By Solana, 100% Gains Possible

Shiba Inu Price Jumps

As of writing, the Shiba Inu price portrayed a jump of 0.28% in the past 24 hours and currently rests at $0.00001026. Moreover, the token showcased a weekly surge of 2.28%, further escorted by a monthly upswing of 22.29%.

However, the 24-hour trading volume tumbled 9.85% amid a market cap upsurge of 0.31%.

With its price surge in recent days, the token seems to have amassed a sense of confidence among traders and investors within the crypto realm. This further aligns with the data unveiled by Shibarium and Shibburn, fueling bullish thoughts for the token.

Also read: US SEC Loses Again In Court After Setbacks In XRP, Grayscale Lawsuits

The post Shiba Inu Burn Rate Soars 400% As Shibarium Advancements Gauges In, SHIB Price To Rally? appeared first on CoinGape.

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Filed under: News - @ December 21, 2023 7:20 am