Shiba Inu, the self-proclaimed Dogecoin killer, once again gained significant traction across the broader crypto market on Monday as the token’s burn rate marked a noteworthy upswing. The data revealed by Shibburn showcased over a 200% surge in the meme coin’s burn rate during the past 24 hours, nabbing considerable attention globally.

Meanwhile, the meme coin’s community itself appears to be responsible for the lion’s share in incinerating SHIB, aligning with the data unveiled by Shibburn.

SHIB Burn Report

According to the data unveiled by Shibburn, a platform facilitating Shiba Inu burning insights, the burn rate surged 232.85% as of today, January 22. Furthermore, the total number of coins incinerated over the past 24 hours equaled 46.60 million, sparking immense curiosity among crypto market fanatics.

Whereas, the Shiba crypto community itself aided in the mass SHIB burning chronicle today, through a series of two transactions to dead wallets. Concerning this, the community shifted a whopping 13.63 million SHIB to a dead wallet in the first transfer. Simultaneously, it moved a staggering 30.46 million SHIB in another transaction.

This appears to have propelled immense optimism among traders and investors as the community forges ahead with its motive of jacking up the SHIB tokenomics. However, market charts for the meme coin showcased sentiments otherwise.

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Shina Inu Price Falls

As of writing, the Shiba Inu price chart showcased a drop of 3.27% over the past 24 hours and is currently trading at $0.000009197. Moreover, its market cap and trading volume also illustrated notable declines, falling 3.27% and 21.39%, respectively.

In addition, even the weekly chart illuminated a 5.03% fall, accompanied by a monthly plunge of 14.84%. However, with the recent colossal burning chronicle coming into play, prices are expected to be bolstered soon.

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The post Shiba Inu Burn Rate Soars 200% As Community Incinerates 44 Mln SHIB appeared first on CoinGape.

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