The Shiba Inu (SHIB) memecoin has made headlines again with a significant increase in its token burn rate, as reported by the Shibburn platform. Over the past 24 hours, the burn rate surged by approximately 400%, piquing the curiosity of traders and investors in the cryptocurrency market.
According to Shibburn, the dedicated tracker of SHIB token burns, there has been a 395.43% increase in the burn rate, with an astonishing 18.24 million SHIB tokens removed from circulation. This spike is attributed mainly to three substantial transactions that alone accounted for the burning of 16.56 million SHIB, contributing to a total of 410.707 trillion SHIB burned since its initial supply.
Despite the increase in token burns, Shiba Inu’s Layer 2 network, Shibarium, is experiencing a notable decline in network activity, with daily transactions on the network dropping to 1.86 million, indicating a significant downturn in on-chain activity.
Nevertheless, the rising burn rate of SHIB tokens, coupled with Shiba Inu’s steadily increasing price, suggests that market sentiment for the altcoin remains optimistic and exciting.
The price of Shiba Inu’s SHIB token has seen a notable 2.70% increase over the past 24 hours, trading at $0.00001021 at the time of writing. The weekly and monthly charts indicate increases of 3.69% and 5.99%, respectively. Notably, the price rise aligns with the increased burn rate, and the recent price drop of a zero has led market participants to anticipate further upward momentum.