The second-largest dog-themed memecoin Shiba Inu (SHIB), after a challenging year, continues to show signs of an uptrend as the Christmas holiday approaches. Although SHIB’s price has been criticized for not showing impressive growth compared to most of its rivals within the year, it has started to become more active recently and has risen by about 30 percent in the last 30 days. Moreover, on-chain data indicates that over 8.5 billion SHIB tokens were burned and removed from circulation in the last 24 hours with the support of the community.
Shiba Inu’s Burning Rate Skyrockets
On December 22, 2023, there was a tremendous increase of 161,540 percent in SHIB’s burning rate with over 8.59 billion SHIB coins burned. According to data provided by the platform tracking SHIB’s burning rate, Shibburn, over 17.22 billion SHIB tokens were burned and removed from circulation in the last seven days. The recent surge in SHIB’s burning rate has led to increased expectations for the altcoin’s price to rise.
Data shows that in the last 24 hours, 8.53 billion SHIB tokens were burned in a single transaction. This burning transaction was carried out by a wallet address starting with 0xc7d, which transferred approximately $90,000 worth of SHIB to a dead wallet.
In addition to this massive token burning transaction, other transactions were recorded where 24 million and 20 million SHIB tokens were burned. Market observers relate the recent price increase of the altcoin to the burning of over $1.5 million worth of SHIB in the last 30 days, removing them from circulation.
SHIB’s Price Rally
At the time of writing this article, SHIB’s price has seen a 1.11 percent increase in the last 24 hours, trading at $0.00001041. During the same time frame, the altcoin’s trading volume has risen by 17.42 percent to $190.11 million. Concurrently, Shiba Inu’s market value has increased by 3.14 percent to $6.2 billion.
It is worth noting that SHIB made headlines on December 8, 2023, when it dropped a zero from its price. At that time, the burning rate had increased by 110 percent, and the price had surpassed the $0.00001 threshold.
