The world of cryptocurrency’s most popular memecoin, Shiba Inu (SHIB), has started 2024 with a significant token burn. Data shows that the token burn rate for Shiba Inu has increased by 2552% in the last 24 hours.
Shiba Inu’s SHIB Token Burning Bright
In the first week of the new year, the token burn rate for Shiba Inu’s SHIB increased by 2052% in the last 24 hours. According to the burn rate, a total of 129.71 million SHIB were transferred to dead wallet addresses from multiple wallets, thus being removed from circulation.
On the first day of the week starting with the Christmas holiday in 2023, SHIB’s burn rate had increased by 5000%, and this rise had supported the growing optimism for the altcoin. Moreover, during the Christmas holiday, it was detected that a whale had moved a massive amount of 4 trillion SHIB, which attracted significant attention in the cryptocurrency world. On December 26th, another movement of 4 trillion SHIB was recorded, highlighting whale activities that garnered interest.
By December 27th, the token burn rate for SHIB had spiked again to 1600%, and on December 29th, another whale transaction involving 4 trillion SHIB was observed. Interestingly, amidst the whale activity on December 29th, the Shiba Inu community burned over 13 million SHIB, removing them from circulation.
On December 30th, the Shiba Inu community recorded another 2700% increase in SHIB’s burn rate, fueling bullish sentiment for the token. However, despite such high burn rates, there is currently a 98.29% decrease in the weekly burn rate.
Current Price Situation of SHIB
According to market charts, the price of Shiba Inu’s SHIB has fallen by 3.46% over the last 7 days. Additionally, a 1.45% decrease was recorded in the price chart on December 30th. This decline was followed by a limited 0.52% jump on December 31st. The popular memecoin is trading at $0.00001054, marking a 1.43% decrease over the last 24 hours as of the time this article was prepared.
The altcoin’s highest price level during the weekly timeframe was $0.00001108, while the lowest price level was around $0.00001026.
