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The meme coin known as Shiba Inu (SHIB), often referred to as the “Dogecoin 
$0.172627 Killer,” made a significant leap in the cryptocurrency market on Friday, raising investor expectations. Specifically, SHIB experienced an impressive 33,000% increase in its burn rate, leading to a price rise of over 20% within the last 24 hours. This surge is reflected in the rising prices of other meme coins like Dogecoin, Pepe Coin, and dogwifhat.
Shiba Inu’s Token Burn Rate Increased by 33,800%
According to data from Shibburn, the token burn rate for Shiba Inu saw an astonishing rise of 33,818%. The primary reason for this increase was the burning of 1.88 trillion SHIB coins within the past 24 hours, which reduced the total supply to 589.26 trillion coins. Additionally, the transfer of 1.87 billion SHIB from the address 0x4ba.. to the token burn address accounted for a substantial part of this increase.
SHIB’s Price Surged Over 20%
In the last 24 hours, SHIB’s price experienced an approximate rise of 21%, reaching $0.00001932. The lowest and highest prices during this period were $0.0000163 and $0.00001935, respectively. Interestingly, daily trading volume surged by 223%, reaching $1.4 billion. Today’s price increase reflects the positive atmosphere brought by the rise in SHIB’s burn rate.
Furthermore, in line with the overall market trend for meme coins, PEPE increased by 18% to $0.00001022, while Dogecoin rose by 11% to $0.1233. As the “Dogecoin Killer,” Shiba Inu led today’s surge in meme coins.
In addition, Shiba Inu’s on-chain activities have significantly intensified recently, including high trading volumes, strong SHIB circulation, and increased whale transactions, providing added confidence in the coin. The rise in SHIB’s burn rate and the latest market statistics have contributed to making the meme coin one of the top gainers within the broader market.
Data from Coinglass indicates that open interest in Shiba Inu futures has reached $65.14 million, reflecting a 55% increase. Moreover, trading volume in the derivatives market soared by 338%, reaching $679.77 million. These market data points and today’s price movements suggest that the meme coin is currently on an upward trend.
The remarkable increase in Shiba Inu’s burn rate and the rise in SHIB’s price have generated significant activity in the meme coin market. For investors, these developments can be interpreted as positive signals for SHIB’s prospects. However, given the inherently volatile nature of the cryptocurrency market, it is crucial to make investment decisions carefully.
