Shiba Inu, an Ethereum-based meme coin, once again sparked immense curiosity among crypto market enthusiasts across the globe as it noted a phenomenal surge in its burn rate. As per insights unveiled by the meme coin’s burn tracker Shibburn, a staggering 4205% surge in SHIB burn rate garnered positive market sentiments for the token today, February 22.

With approximately 86 million SHIB destroyed in the last 24 hours, the Shiba crypto community continues showcasing efforts to support Shiba Inu’s tokenomics after its epic fall. The constant burning of SHIB comes as an effort to reduce the meme coin’s circulating supply, thereby aiding the token’s price.

However, as of press time, the Shiba Inu token traded in the red, coming as a flipside to a surge in burn rate. Shibarium daily transactions also noted a drop, contrasting the community’s recent advancements.

SHIB Burn Rockets Amid Shibarium’s Saga

According to the data revealed by Shibburn, the 4205.80% upswing in Shiba Inu’s burn rate birthed following the incineration of 86.11 million SHIB. An unknown wallet, 0x60912…, appears to be responsible for the lion’s share in this burning chronicle, with 85.01 million coins transferred to a dead wallet.

Notably, the current circulating supply totaled 581.44 trillion SHIB as of press time. While a staggering 410.708 trillion SHIB has been destroyed to date, with the aforementioned transaction weighing in on the surge.

Intriguingly, even with the constant burning of SHIB coming into play, Shiba Inu’s market performance is not what crypto market enthusiasts expected. Although the Shiba crypto community revealed monumental developments for the meme coin’s ecosystem this month, a bolstered effect on prices remains unseen. Subsequent to the waning bullish pattern illustrated by SHIB week, the meme coin traded in the red as of writing, stirring speculations over its run to the $0.00001 psychological level.

Meanwhile, daily transactions on Shibarium slipped below the $3 million mark, standing at 2.55 million as of press time. This further showcased decreased activity on the network, coming in contrast to the plethora of new features introduced to Shibarium.

Amidst the flurry of advancements witnessed orbiting the L2 Shibarium, the SHEboshi launch has gained notable traction recently. SHEboshi, an ERC-404 token standard, aims to revolutionize Shiba Inu’s ecosystem, facilitating the burning of SHIB, BONE, and LEASH, among many other features introduced.

However, Shiba Inu portrayed a bearish movement today, stirring inferences for a price action shift ahead.

Also Read: Binance Coin (BNB) Defies Broader Market Correction With 6% Gain, Here’s Why

Shiba Inu Price Tumbles

As of writing, the Shiba Inu price noted a drop of 2.28% over the past 24 hours and is currently trading at $0.000009496. It’s worth noting that as the Shiba community continues burning significant amounts of SHIB, the law of supply and demand suggests that a rally might be imminent, fueling the token’s bull run ahead. Moreover, with the community’s recent advancments further jacking up Shiba Inu’s market dynamics, a potential SHIB pump looms over the crypto horizon.

Also Read: Coinbase Throws Its Weight Behind Grayscale’s Spot Ethereum ETF Approval

The post Shiba Inu Burn Rate Soars 4205% Amid SHEboshi Hype, SHIB Price To Rally? appeared first on CoinGape.

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Filed under: News - @ February 22, 2024 6:19 am