Shiba Inu, one of the most popular meme coins built atop the Ethereum blockchain, once again echoed a sense of frenzy across the broader crypto market on Friday, following a colossal upswing marked in the token’s burn rate. Notably, according to the data unveiled by Shibburn, a roughly 400% surge in the meme coin’s burn rate sparked immense curiosity among crypto market traders and investors.

Meanwhile, as the burn data surfaced over the crypto horizon amid Shiba Inu’s sustained price rally, additional inferences seem to be birthing for the token.

SHIB’s Burning Saga

As per the data by Shibburn, a platform facilitating SHIB burning insights, the community noted a 395.43% upsurge in the burn rate today, January 12. Furthermore, aligning with this data, a staggering 18.24 million SHIB was incinerated over the past 24 hours.

Coinciding with this, three noteworthy burn transactions appear to be primarily responsible for the aforestated upswing. These transactions collectively incinerated a whopping 16.56 million SHIB out of the total amount burned mentioned above.

Moreover, the total number of coins incinerated from SHIB’s initial supply now amounts to 410.707 trillion, grabbing significant attention globally. However, Shibarium, a layer two blockchain facilitated by Shiba Inu, recorded a notable plunge in its activity. As of writing, the daily transactions on the network totaled 1.86 million, illustrating a notable downfall. This further showcases a considerable step-down for the L2 blockchain, as the daily volume recently recorded over 6 million transactions per day on the network.

However, with the upswing in SHIB burn rate, accompanied by Shiba Inu’s sustained price rally, market sentiments for the token appear to be taking an exciting turn.

Also Read: First Bitcoin (BTC) Options Expiry After ETF Approval, Uncertainty Prevails

Shiba Inu Price Soars

As of writing, the Shiba Inu price has exhibited a considerable surge of 2.70% over the past 24 hours and is currently trading at $0.00001021. Moreover, the token’s weekly chart portrays a 3.69% upsurge, further accompanied by a monthly pump of 5.99%.

Intriguingly, the surge in price also falls in line with the upswing in the SHIB burn rate. Moreover, the token again ditched a zero from its price recently, garnering additional bullish thoughts among crypto market traders.

Also Read: First Day of Spot Bitcoin ETF Trading At Wall Street, Here’s How It Went

The post Shiba Inu Burn Rate Soars 400% As SHIB Price Continues To Rally appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am