Shiba Inu, a popular Ethereum-based altcoin, has once again captured the market‘s focus amid increasing token burn activity and a rise in price. The burn rate of SHIB tokens has skyrocketed by an extraordinary 500,000% in the last 24 hours.
Startling Increase in Burn Rate for Shiba Inu
According to the latest data provided by Shibburn, a platform that tracks SHIB token burns, Shiba Inu’s burn rate has shown an extraordinary increase, jumping by 500,000% in the last 24 hours. Current data indicates that 264.20 million SHIB tokens have been burned in the past day, while the total number of SHIB burned from the initial supply has reached 410.66 trillion.
The Shiba Inu community’s attention was drawn to a burn transaction made by an anonymous wallet address. According to the data, the wallet address starting with 0x95ad… burned approximately 261.40 million SHIB by transferring them to a dead wallet address about 2 hours ago.
The continuous and steady burning of SHIB in recent days highlights the Shiba Inu community’s efforts to support a price increase.
Current Price Situation of SHIB
Alongside the increase in the burn rate, the price of SHIB has seen a slight rise of 1.64% in the last 24 hours, trading at $0.000008519. The price chart reveals high volatility for the altcoin in the past day. Moreover, data shows that SHIB’s price has dropped by 2.26% over a weekly timeframe, which could be considered a reflection of the high volatility.
It’s also worth noting that the altcoin’s trading volume has increased by 49.21% in the last 24 hours, and its market value has risen by 1.65% to reach $160.37 million during the day.
The recent price increase in SHIB coincides with the burning of a tremendous amount of tokens, and the positive outlook for the future of this popular altcoin is leading many market enthusiasts to follow it closely.