Shiba Inu, an Ethereum-based meme coin, promptly gained significant traction across the cryptocurrency landscape on Wednesday as the token recorded a significant upswing in its burn rate. Notably, on-chain data showcased the incineration of hundreds of millions of SHIB over the past day, surfacing amid a price drop noted by the token.

The SHIB burning saga, erupting amid today’s price fall, appears to have curated a tidal wave of speculations across the broader crypto market. Following this, crypto market enthusiasts seem to be eyeing the Shiba Inu cryptocurrency extensively.

SHIB Burn Report

According to the data unveiled by Shibburn, a platform facilitating SHIB burning insights, the Shiba crypto community recorded a colossal surge in its burn rate today, December 27. Remarkably, as per the data, the token’s community witnessed a 1677.45% surge in the burn rate over the past 24 hours. Moreover, the community boasted a total of 131.45 million SHIB burnt over the past day.

Meanwhile, the Shiba crypto community spotlighted another significant transfer to a dead wallet. Aligning with the on-chain data, a whopping 123.66 million SHIB were transferred from the wallet address 0x982F84e…41a48 to a dead wallet.

In addition, accompanying today’s surge, the Shiba community also registered a weekly burn rate surge of 100.25%. However, the token’s market charts portrayed a sentiment otherwise. In contrast to the upswing in the SHIB burn rate, the price today portrayed a downward trajectory for Shiba Inu.

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Shiba Inu Price Tumbles

As of writing, the Shiba Inu price dropped 1.99% over the past 24 hours and is currently trading at $0.00001044. Moreover, the token’s market cap also down surged by 1.96%, reaching $6.15 billion.

However, the token’s weekly charts illustrated an upswing of 2.50%, further escorted by a monthly upsurge of 25.66%. Although today’s price traded bearishly, the token’s market performance in the past few days aligns with the community’s recent SHIB burning chronicle. Furthermore, with the token garnering significant attention with its surge in burn rate today, prices are expected to be bolstered soon.

Also Read: Polygon (MATIC) Price Gives A Strong Breakout Above $1, Expect 70% Rally Ahead

The post Shiba Inu Burn Rate Skyrockets 1600% Amid SHIB Price Slump, What’s Happening? appeared first on CoinGape.

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Filed under: News - @ December 27, 2023 6:18 am