Last updated on May 18th, 2024 at 11:53 am
Trending cryptocurrency Shiba Inu (SHIB) has recently seen a rise in its burn rate as it surges above 1,300% according to new data. The popular memecoin has been in the news, especially since the relaunch of the Shibarium network and the potential effect it has on SHIB burn.
Per Shibburn data, the Shiba Inu burn rate has skyrocketed by exactly 1347% at press time. According to the report, a total of 172,924,172 (172 million) Shiba Inu token has been destroyed in the last 24 hours.
Source: Shibburn
The aforementioned number of burned SHIB was carried out across an impressive 59 transactions. Several millions of SHIB tokens were sent to burn wallets in single transactions. Some notable transactions include one destroying 19,194,107 (19 million) SHIB approximately 17 hours ago from the time of writing.
Also, other transactions burning more than 10 million tokens were recorded by Shibburn. The reason behind the sudden spike in the burn rate can be attributed to the increase in whale activities surrounding SHIB.
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Recently, 36crypto reported some Shiba Inu whale activity, carrying out cumulative transactions worth $10 million. Also, earlier in September, the number of Shiba Inu trillionaire wallets increased according to Into The Block data.
For context, trillionaire wallets are addresses holding between 1 trillion SHIB tokens and above. The number of these wallets increased by an impressive 17.07% in the previous month.
Another reason for the rise in the SHIB burn rate can be a result of the increasing adoption of Shibarium – a Shiba Inu layer 2 blockchain solution. Shiba Inu has a very committed community that is committed to seeing the price of the meme token rise.
Shiba Inu (SHIB) price reaction
Even though burning SHIB might not be the only factor to potentially increase the price of the coin, it sure has a significant effect. The price of SHIB has seen a slight recovery amid the burn rate surge.
Source: Coinstats
According to data from Coinstats – a cryptocurrency portfolio tracker, the price of SHIB is currently $0.0000072. This signifies a mild 0.44% increase in the last 24 hours. Although this might seem like an insignificant rise, the reality in the volatile world of cryptocurrency tells us that a slight increase is a step in the right direction.
What’s more, Shiba Inu is ranked #19 in the global crypto market with a live market cap of $4,274,763,626 ($4 billion). In the last 24 hours, Shiba Inu has a trading volume of $82,486,453 ($82 million).
It is worth knowing however that an increase in the burn rate of SHIB is not a “call to action” for investment. The burn rate might show a slight or significant effect on the price of the token, but it still does not guarantee long-term price gains. It is important to conduct your own research before investing in Shiba Inu or any other cryptocurrency.
Read More:
- What is Shibarium and how will it work?
- Shiba Inu Marketing Strategist Encourages Holders to Use Shibarium
- Shibarium Transactions Exceeds 2.7 Million as Shiba Inu Community Burn Millions of SHIB
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.