SHIB Burn Rate Jumps by 260% in Price Crash; What’s Next
The second-largest meme coin in the cryptocurrency market that runs on Ethereum is Shiba Inu (SHIB). This meme coin, which was originally introduced in August 2020 as a joke, has become a prominent part the cryptocurrency community. According to Shibburn data, the SHIB rate has risen by approximately 260% in the last 24 hours.
Despite the fact that the SHIB burn rate is high, the token’s price has not performed well. According to CoinMarketCap the SHIB price fell by 5.59% in the last 24 hours.
SHIB Burn Rate Increases by Nearly 260%
The community’s consumption of Shiba Inu tokens has increased at a rapid pace. This popular meme coin has also reached some important milestones in crypto trading and holders. According to the crypto tracking platform, Shiba Inu’s (SHIB), burn rate has increased by approximately 260% in the past 24 hours. The SHIB army burned almost 7,244,256 Shiba Inu tokens to achieve this figure.
Since the beginning of 2023, the meme coin has had a positive streak in SHIB burns. The upcoming shibarium launch could be the reason for the increase. Many meme coin enthusiasts believe that layer 2 blockchain will help them burn more SHIB, which could boost the burn rate.
Shiba Inu price dips
Experts were hopeful that the meme token would reach new heights as Shiba Inu’s value soared earlier this year. Its price quickly fell from its local high and has struggled to gain momentum.
SHIB trades at $0.00001276, a decrease of 5.82% over the past 24 hours. SHIB has a market capitalization at $7.02 billion and a 24-hour trading volume of 8.28%. It now stands at $343.286,080. According to CoinMarketCap, the circulating supply of Bitcoin is 549,063,278,876,302 SHIP.
Also read: This Shiba Inu Coin Spinoff Cracks Triple-digit Gains
Disclaimer: This article contains only the author’s opinion. It is not intended to be used as investment advice.
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.