Increased Shiba Inu (SHIB) Burn Rate Leads to Boosted Asset Price

Shiba Inu’s burn rate skyrockets 900% amid a notable price surge.
Shibburn data reveals 33.88 million SHIB burned in the last 24 hours.
Community anticipates enhanced SHIB tokenomics as burning activity intensifies.

Shiba Inu (SHIB), often hailed as the Dogecoin killer, has sparked widespread interest with a remarkable surge in its burn rate, syncing seamlessly with a rally in SHIB’s price. The meme coin’s burning activity gained attention in the broader crypto market, correlating with a bullish trend in SHIB’s value.

Read CRYPTONEWSLAND on

google news

According to data from Shibburn, a platform providing insights into SHIB burning, the community annihilated an astounding 33.88 million SHIB in the last 24 hours. This surge signifies a remarkable 906.27% increase in Shiba Inu’s burn rate on January 9.

The Shiba Inu community has, to date, burned an impressive 410.69 trillion SHIB from its initial supply, aiming to enhance the tokenomics of the once memecoin. Additionally, 30.97 million SHIB was transferred to a dead wallet (0x95ad61…4c4ce) on the same day.

A notable burn transaction involved an unknown address (0x60812…9fe80), which incinerated 1 million SHIB, capturing the attention of traders.

Simultaneously, SHIB’s price chart mirrored the burning activity, displaying significant gains. At the time of writing, Shiba Inu’s price exhibited a notable surge, rising by 5.34% in the past 24 hours and reaching $0.000009521. However, the weekly and monthly charts indicated substantial drops.

The surge in SHIB’s price is directly attributed to the increased burn rate, instilling bullish sentiments among crypto enthusiasts. As the Shiba community continues its impressive burning efforts, market participants anticipate a strengthened SHIB tokenomics in the near future.

Read Also

Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.