Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again stirred a whirlpool of speculations across the broader crypto market on Tuesday as the token recorded a staggering surge in its burn rate. As per on-chain data hovering over the crypto horizon, over 36 million SHIB burnt over the past day, caught the eyes of crypto market enthusiasts.

Moreover, aligning with the data, the Shiba crypto community also appears to have fostered efforts to jack up the SHIB tokenomics. Coinciding with this, the community incinerated over 80 million of SHIB over the past day, propelling market optimism.

SHIB Burn Report

According to the data unveiled by Shibburn, a platform facilitating Shiba Inu burning insights, the community noted a colossal 1628% burn upswing over the past 24 hours on Tuesday, January 16. Notably, data showcased a whopping 88.75 million SHIB collectively incinerated over the past day.

Moreover, the Shiba crypto community appears to be responsible for a dominant stake in the burning, compared to the coins incinerated. As per the data, the community transferred a whopping 34.24 million SHIB to a dead wallet today, accompanied by a second transaction, moving 52.39 million SHIB again. This seems to have birthed a tidal wave of speculations across the global crypto landscape.

Moreover, the total number of coins burnt from Shiba Inu’s initial supply now amounts to 410.707 trillion, and the current circulating supply totals 581.128 trillion.

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Shiba Inu Price Slips

As of writing, the Shiba Inu price portrayed a marginal fall of 0.43% over the past 24 hours and is currently trading at $0.000009599. Moreover, its market cap and trading volume also showcased notable declines, dropping 0.50% and 8.45%, respectively.

The price drop portrayed by the meme coin contrasts the upswing in SHIB’s burn rate, stirring a whirlpool of speculations across the globe.

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The post Shiba Inu Burn Rate Rockets 1600% As Community Burns 89 Mln SHIB appeared first on CoinGape.

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