The popular meme coin, SHIB crypto has gained notable traction recently as the Shiba Inu burn rate witnessed an astounding surge, soaring by a staggering of over 1400%. In just 24 hours, investors witnessed the erasure of over 61 million SHIB tokens, signaling a fervent burning spree for the meme coin.

Meanwhile, the Shiba Inu community is buzzing with excitement as the burn rate surge coincides with a 3% increase in the Shiba Inu price, reflecting a growing confidence among investors.

Shiba Inu Burn Rate Soars As Millions Of SHIB Destroyed

In the past 24 hours, the Shiba Inu burn rate hit a record-breaking 1411.75%, culminating in the obliteration of 61.41 million SHIB tokens. This notable surge in the burn rate, as reported by Shibburn, has sparked curiosity among the Shiba Inu community as well as the crypto market enthusiasts.

Meanwhile, the burning frenzy is exemplified by the highest burns, including 27.21 million SHIB from wallet address 0x85a….4bcc7, 21.78 million SHIB from the same wallet address, and an additional 10 million SHIB from wallet address 0x439….eb4b0.

Notably, this surge in burning activity comes amidst a broader trend where Shiba Inu has gained significant traction in recent weeks. The burning spree has led to the elimination of 410.70 trillion SHIB from the maximum total supply of 999.98 trillion. As of now, the circulating supply stands at 581.30 trillion SHIB, showcasing the remarkable impact of the burning initiatives on the overall token supply.

Shiba Inu (SHIB) Price Chart

Also Read: 5 Reasons Why Solana (SOL) Price Skyrocketing Daily

Investors Regains Confidence As Price Soars

The surge in the Shiba Inu burn rate is complemented by a 3% increase in the Shiba Inu price, suggesting that investors are growing more confident in the meme coin. The burning of tokens is often seen as a strategy to create scarcity, potentially driving up the value of the remaining tokens. This dual movement—increased burn rate and a positive price trend—reflects a dynamic and engaging period for Shiba Inu enthusiasts.

As the burning spree continues, investors eagerly watch to see how this surge in confidence and burning activities will impact the long-term trajectory of Shiba Inu in the highly competitive cryptocurrency market.

Meanwhile, as of writing, the Shiba Inu price was up 3.20% and traded at $0.000009318. Its trading volume over the last 24 hours also soared 47% to $127.22 million at the same time. Notably, the crypto has touched a high of $0.000009432 and a low of $0.000008947 in the last 24 hours.

Also Read: Ripple Offloads 46 Mln XRP Tokens Amid Price Rebound, Nosedive Ahead?

The post Shiba Inu Burn Rate Soars 1400% As 61 Mln SHIB Erased appeared first on CoinGape.

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