Shiba Inu (SHIB), the second-largest dog-themed memecoin, is showing signs of an upturn as the Christmas holiday approaches, despite a challenging year and lackluster growth compared to its peers. In the last 30 days, SHIB’s price has risen by approximately 30%, and recent on-chain data reveals that over 8.5 billion SHIB tokens have been burned, removed from circulation with the community’s support in the last 24 hours.
On December 22, 2023, the burn rate of SHIB saw a staggering increase of 161,540% with over 8.59 billion SHIB coins burned. According to data from Shibburn, a platform tracking SHIB’s burn rate, more than 17.22 billion SHIB have been burned in the last week, sparking expectations for a price increase of the altcoin.
Data indicates that 8.53 billion SHIB tokens were burned in a single transaction in the last 24 hours. This massive burn was executed by a wallet starting with 0xc7d, transferring approximately $90,000 worth of SHIB to a dead wallet.
In addition to this large token burn, other transactions recorded the burning of 24 million and 20 million SHIB tokens respectively. Market observers link the recent price increase of the altcoin to the burning of over $1.5 million worth of SHIB in the past 30 days, reducing its circulation.
At the time of writing, SHIB’s price has risen by 1.11% in the last 24 hours to $0.00001041. Concurrently, the altcoin’s trading volume has surged by 17.42% to $190.11 million, and Shiba Inu’s market value has increased by 3.14% to $6.2 billion.
It should be noted that SHIB made headlines on December 8, 2023, when it removed a zero from its price, leading to a 110% increase in its burn rate and the price surpassing the $0.00001 threshold.