Shiba Inu, a popular Ethereum-based altcoin, has regained the market’s attention with the increase in token burning activity and its price surge. The burning rate of SHIB tokens has shown an extraordinary increase of 500,000% in the past 24 hours.
According to the latest data provided by Shibburn, the burning rate of Shiba Inu has experienced a 500,000% jump in the past 24 hours. Within the last day, 264.20 million SHIB tokens were burned, bringing the total burned SHIB count from the initial total supply to 410.66 trillion.
The Shiba Inu community’s attention was drawn to a significant burning transaction made by an anonymous wallet address. According to the data, the wallet address starting with 0x95ad burned approximately 261.40 million SHIB tokens by transferring them to a dead wallet address about 2 hours ago.
The continuous and steady burning of SHIB in recent days highlights the community’s efforts to support the price increase of Shiba Inu.
With the increase in burning rate, the price of SHIB has shown a slight increase of 1.64% in the past 24 hours, trading at $0.000008519. The price chart reveals high volatility for the altcoin within the last day. Additionally, a 2.26% decrease in SHIB’s price was observed on a weekly time frame, which can be considered as a reflection of high volatility.
While the trading volume of the altcoin has increased by 49.21% in the past 24 hours, the market value has reached $160.37 million, representing a 1.65% increase within the day. The recent price increase in SHIB is fueled by a significant amount of token burning, leading many market enthusiasts to closely follow the future prospects of this popular altcoin.