Shiba Inu, the Dogecoin killer, reverberated investor optimism across the broader crypto market on Friday, showcasing a colossal surge in the SHIB burn rate. Notably, the meme coin’s burn mechanism recorded a whopping 33,000% uptick today, sparking optimism as SHIB price surged over 20% in the past 24 hours. Meanwhile, the meme coin sector mirrored a bullish market sentiment, with Dogecoin (DOGE), Pepe coin (PEPE), and dogwifhat (WIF) prices rising simultaneously.

SHIB Burn Rate Soars 33,000% As Over 1 Tln Coins Burnt

According to data revealed by the tracker Shibburn on September 27, the Shiba Inu burn rate witnessed a staggering 33818% surge today. This surge is primarily attributable to 1.88 trillion coins incinerated in the past 24 hours. The massive hit to the supply appears to have fueled a bullish sentiment for the popular dog-themed meme coin across the broader market.

Meanwhile, as per the data, the total supply shredded considerably to reach $589.26 trillion SHIB at press time. Further, it’s worth mentioning that an unknown address, 0x4ba.., shifted a staggering 1.87 billion SHIB to a burn address over the past day, staging as the lion’s share responsible for today’s surge.

Simultaneously, the Shiba Inu coin embarked upon an attention-nabbing upward trajectory.

SHIB Price Rockets Over 20%

At press time, SHIB price surged nearly 21% in the past 24 hours to reach $0.00001932. The coin’s 24-hour low and high were $0.0000163 and $0.00001935, respectively. Intriguingly, the intraday trading volume surged 223% to $1,405,505,862. Moreover, today’s price upswing mirrors the bullish impact brought by the SHIB burn rate surge.

In addition, it’s worth noting that the meme coin’s price upswing aligns with the broader market trend. The meme coins sector saw PEPE gaining 18% to $0.00001022 today. Also, Dogecoin soared 11% to $0.1233. Nevertheless, the ‘Dogecoin killer’ Shiba Inu has led the market gains today.

A recent CoinGape Media report spotlights that on-chain activity for Shiba Inu coin has also increased remarkably recently. This includes a strong volume spurt, robust SHIB circulation, and increased whale transactions, pouring additional optimism on the coin. Altogether, SHIB burn and recent market stats have aided the coin in emerging as the top gainer across the broader market.

Coinglass data today illustrated a 55% upswing in Shiba Inu futures OI to $65.14 million. Also, the derivatives market witnessed a volume upsurge of 338% to $679.77 million. The abovementioned market stats, coupled with today’s price action, hint that the token is currently on an uptrend.

The post SHIB Burn Rate Shoots Up 33000% As ‘Dogecoin Killer’ Ignites Meme Coin Frenzy appeared first on CoinGape.

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Filed under: News - @ September 27, 2024 7:18 am