Shiba Inu, one of the most prominent meme coins functioning atop Ethereum, once again curated a tidal wave of speculations across the broader crypto market on Friday, following a colossal surge witnessed in its burn rate. As per Shiba Inu’s burn tracker Shibburn, a whopping 7.64 million SHIB was incinerated over the past 24 hours, nabbing significant attention globally. As a result, the burn rate soared to 191.69%, as per market charts. Meanwhile, the meme coin traded primarily in the green as of press time, mirroring today’s surge in its burn rate.

SHIB Burn: A Closer Look Into the Report

According to the data unveiled by Shibburn, Shiba Inu, with a total supply of 999.98 trillion tokens, has now incinerated a staggering 410.70 trillion coins as of writing. Moreover, concerning the surge in burn rate witnessed today, two prominent burn transactions appear to be responsible for the upswing’s lion’s share.

The wallet address 0xa9d1e08c7793af6…7fb81d3e43 moved 4.01 million SHIB to a dead wallet recently, whereas the address 0xa9d1e08c7793af6…7fb81d3e43 shifted 3.60 million SHIB to a dead wallet, phenomenally aiding in the upsurge. The transfer to dead wallets decreases the number of Shiba Inu tokens circulating within the market, diminishing the token’s supply. This phenomenon further aligned with the price jump witnessed by SHIB today, sparking immense curiosity among crypto market traders and investors.

In the interim, Shibarium, Shiba Inu’s L2 network, jotted 340.57 million transactions altogether as of writing, showcasing amped-up activity on the network. In addition, the recent integration of the LSD (Liquid Staking Derivative) K9 Finance appears to have further piqued the interest of crypto market enthusiasts.

Intriguingly, Marswap’s ( a DEX on Shiba Inu’s L2 Shibarium) plans to expand its services on Shibarium also accompanied the recent tempest of stride marked by the Ethereum-based meme coin, propelling market optimism for the token.

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Shiba Inu Price Springs

The Shiba Inu price noted a 2.75% surge over the past 24 hours and is currently trading at $0.000009317. Furthermore, its trading volume and market cap noted a 74.47% and 2.72% jump, respectively.

The primary motive behind the Shiba crypto community’s burning of tokens comes as an effort to jack up the SHIB tokenomics, as seen by today’s upswing. Meanwhile, the community’s recent developments appear to have additionally aided the SHIB price pump.

Also Read: Crypto Prices Today: Bitcoin Nears $46K, Pepe Coin Continues Rebound & DYM Surges 30%

The post Shiba Inu News: SHIB Burn Soars 200%, Price Rally To $0.01 Imminent? appeared first on CoinGape.

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