Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again echoed a sense of frenzy across the broader crypto market on Saturday as the token marked a colossal upswing in its weekly burn rate. As per on-chain data surfacing over the crypto horizon, Shibburn, a platform facilitating SHIB burning insights, showcased a surge of nearly 6000%, sparking speculations among crypto market enthusiasts across the globe.

Meanwhile, the meme coin’s price today traded in the negative territory, coming in contrast to the weekly surge in the SHIB burn rate. However, its price over the past week jumped marginally, fueling additional inferences for the token.

SHIB Burn Report

According to the data unveiled by Shibburn, the burn rate over the past 7 days jotted down an upswing of 5891.2% as of Saturday, January 13. Furthermore, as of today, the community noted 820,007 SHIB incinerated over the past 24 hours. However, the number of coins incinerated today resulted in a downfall in today’s burn rate, showcasing a drop of 95.05%.

Notably, as per Shibburn’s data, the Shiba crypto community appears to have incinerated a total of 410.70 trillion SHIB from the token’s initial supply. Moreover, the meme coin’s circulating supply now totals 581.07 million as of writing.

Also Read: Justin Sun Lauds USDT Supply Surpassing $50 Bln On TRON Network

Shiba Inu Price Plunges

As of writing, the Shiba Inu price portrayed a substantial drop of 4.06% over the past 24 hours and is currently trading at $0.00000979. Intriguingly, the price regained a zero it ditched recently, fueling speculations among crypto market enthusiasts globally.

Furthermore, even the market cap and 24-hour trading volume noted significant downfalls. As per market charts, the market cap dropped 3.92%, reaching $5.79 billion, whereas the trading volume fell 11.29%, reaching $195.75 million.

Also Read: Analysts See Bitcoin Dip As Buying Opportunity, BTC To Hit $200K?

The post Shiba Inu Weekly Burn Rate Surges 6000% With 9.46 Bln SHIB Burnt appeared first on CoinGape.

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