Shiba Inu, often dubbed the “Dogecoin killer,” has once again captured significant attention in the broader crypto market due to a notable increase in its burn rate on Monday. Data released by Shibburn showed that the meme coin’s burn rate surged by over 200% in the past 24 hours, highlighting increased interest in SHIB despite bearish market conditions.
Shibburn, a platform known for tracking Shiba Inu burns, reported an incredible 232.85% rise in burn rate as of January 22, despite the prevailing downtrend in the market.
The majority of SHIB burns were conducted by the meme coin community, with a total of 46.60 million coins burned in the last day, sparking excitement among crypto market followers.
Contributing to the spike in burns, the Shiba community performed transactions sending SHIB to dead wallets, with an initial transaction of 13.63 million SHIB followed by another surprising transfer of 30.46 million SHIB to burn addresses.
These actions suggest the community’s efforts to drive up SHIB’s price, finding resonance among traders and investors. However, despite the increase in burns, the price movements of the meme coin have not been positive, with SHIB experiencing a 3.27% drop in the last 24 hours to a price of $0.00000911, and market value and trading volume also declining by 3.27% and 21.39%, respectively.