Shiba Inu (SHIB), one of the most popular memecoins built on the Ethereum Blockchain, has made headlines again after a massive increase in its token burn rate. According to data provided by Shibburn, the memecoin’s token burn rate has increased by about 400% in the last 24 hours, sparking great curiosity among crypto market traders and investors.
SHIB’s Burn Rate Trend Continues to Increase
According to data compiled by the platform Shibburn, which tracks SHIB burns, the memecoin’s burn rate has increased by 395.43% in the last 24 hours. In line with this data, a surprising 18.24 million SHIB tokens were burned and removed from circulation during the same time frame. It appears that this burn rate was achieved particularly through three notable transactions, which accounted for the burning of 16.56 million SHIB tokens. Moreover, the total amount of SHIB burned since its initial supply has reached 410.707 trillion tokens.
On the other hand, a significant drop in network activity is observed on Shiba Inu’s Layer 2 network, Shibarium. At the time of writing, the total number of daily transactions on the network has decreased to 1.86 million, indicating a notable decline. This suggests a significant downturn in the Layer 2 network’s on-chain activity.
Despite this situation with Shibarium, the increases in the SHIB burn rate accompanying the continuous rise in Shiba Inu’s price indicate that market sentiments for the altcoin are exciting.
Shiba Inu Price is Climbing
At the time this article was prepared, the price of Shiba Inu’s SHIB has recorded a significant increase of 2.70% in the last 24 hours and is currently trading at $0.00001021. The altcoin’s weekly chart indicates a rise of 3.69%, accompanied by a 5.99% rally on the monthly timeframe.
Interestingly, the rise in SHIB’s price seems to be in line with the increase in its burn rate. Moreover, the altcoin has recently removed another zero from its price, leading crypto market participants to anticipate further increases on the horizon.
