Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again echoed a sense of frenzy across the broader crypto market this week, as the token noted notable upswings in its burn rate. On-chain charts unveiled by the burn tracker Shibburn portray a staggering burning chronicle surge orbiting SHIB in recent days. Meanwhile, the meme coin’s price appeared to contrast the upswings. In addition, significant whale activity around the week’s corner also weighed in on SHIB’s tokenomics.

Shiba Inu Propels Optimism With Burn & Shibarium

In a cyclone of breakthroughs witnessed by the Shiba Inu token throughout the week, developments on numerous grounds appear to have piqued traders’ and investors’ interests globally.

Firstly, the constant spikes in the SHIB burn rate in recent days has garnered noteworthy attention. As per numerous reports by CoinGape Media recently, the burn rate initially jumped 232.85%, then 459%, and lastly, a staggering 4250.91%, nabbing attention across the broader crypto market. Aligning with this, the community incinerated a whopping 410.708 trillion SHIB to date from the token’s initial circulating supply.

Meanwhile, Shibarium, an L2 blockchain backed by Shiba Inu, also scaled new heights. Although the daily transactions on the network were comparatively low, the total number of transactions totaled 308.07 million, showcasing increased activity on Shibarium.

Notably, in the midst of the aforestated developments, whale transactions this week also seemed to be burgeoning. Reportedly, roughly 4 trillion SHIB on the move caught the eyes of crypto market enthusiasts this week.

Whereas, the price charts of the meme coin continued to birth additional inferences.

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Shiba Inu Price Dips

As of late Thursday, the Shiba Inu price chart showcased a marginal dip of 0.40% over the past 24 hours and is currently trading at $0.000008901. Moreover, its weekly chart also showcased a fall of 5.57%, accompanied by a monthly plunge of 17.43%.

Intriguingly, this fall comes in contrast to the meme coin’s colossal achievements in recent days. However, crypto market fanatics across the globe expect to see bolstered prices shortly ahead.

Also Read: Bitcoin And Ethereum Monthly Options Expiry, Is Another Crypto Market Selloff Ahead?

The post Shiba Inu Fuels Optimism As Burn Rate & Shibarium Scale Greater Heights appeared first on CoinGape.

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