Shiba Inu Burn Rate Soars by 1359% After Recently Slowing Down

While leading players like Dogecoin and Shiba Inu appear to be taking a back seat, newer entrants such as Baby Doge Coin and Floki Inu are stepping up to the plate.

Shiba Inu, the popular meme coin, has secured a prominent position among cryptocurrencies, entering the top 20 list by market capitalization. The SHIB team has been unwavering in their commitment to development, evident through their various initiatives, including the highly anticipated Shiba Inu burn initiative.

However, the burn rate of SHIB has been known for its fluctuating nature, experiencing sharp surges on some days and significant drops on others. Nevertheless, recent data from Shibburn has revealed a remarkable spike in the burn rate, soaring by an astounding 1,359% in the last 24 hours. 

During this period, an impressive 13,139,734 SHIB was sent to dead wallets, further highlighting the growing reputation of Shiba Inu in the cryptocurrency community.

Read Also: Shiba Inu: Shibarium Puppynet Wallets Surpass 14 Million Users

Shiba Inu

Over 13.1 Million SHIB Transferred to Burn Wallets

Although the burn rate has surged by a staggering 1359%, the actual number of SHIB burned remains relatively modest. In the past, there were days when as much as 830 million or even 1.5 billion SHIB were sent to inactive wallets, indicating higher burn rates.

However, in comparison, the current burn rate appears to be lower. Nevertheless, market sentiment is optimistic as the launch of Shibarium is anticipated to bring about significant changes. 

Shiba inu

Read Also: Shiba Inu Down 12% in the Last 7 Days; What to Expect?

Despite the recent slight spike in burn rate, the meme coin’s price has not shown a positive impact. Shiba Inu is trading at $0.00001027, reflecting a 0.44% drop in value over the past 24 hours.

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