Shiba Inu Burn Rate Skyrockets 2700% As SHIB Price Tumbles, What’s Happening?

Shiba Inu, one of the most popular meme coins within the cryptocurrency space, marked significant advancements today as the token noted a colossal surge in its burn rate. Notably, the sudden spike in the meme coin’s burn rate caught significant attention among crypto market enthusiasts as it emerged within the market amid a price dip noted by the token.

Simultaneously, aligning with the SHIB burning chronicle, four noteworthy burn transactions have occurred over the past 24 hours. Meanwhile, Shibarium, a layer 2 solution built atop Ethereum, further propelled Shiba Inu’s utility beyond its meme coin origins.

Shiba Inu Burn Rate Surges As Shibarium Hits New Zenith

According to the data facilitated by Shibburn, a platform streamlining SHIB burning insights, the Shiba crypto community scaled new summits today, December 30, as the clique incinerated a whopping 14.87 million SHIB in the past 24 hours. Moreover, aligning with the data, the SHIB burn rate noted a substantial 2752.41% upswing, sparking immense curiosity among crypto market traders.

Meanwhile, four notable transactions peculiarly stood out as the token recorded the abovementioned upswing. As per the data, the address 0xa9d1e.. incinerated 957,395 SHIB today, while in another transaction, incinerated 594,525 SHIB yesterday. Additionally, the exact address burnt another 594,525 SHIB yesterday, December 29.

On the other hand, even the Shiba community reportedly burnt a whopping 13.14 million SHIB yesterday, December 29.

Moreover, amid the colossal burning saga, Shibarium appears to be scaling new heights as well. With Shibarium further jacking up Shiba Inu beyond its meme coin origins, the network now facilitates NFT, metaverse applications, and gaming, with over 7.8 million transactions daily, further escorted by 1.3 million unique wallet addresses.

Also Read: Crypto Prices Today: Bitcoin, Ethereum Drop While ORDI Shines

Shiba Inu Price Slips

As per market charts, the Shiba Inu price showcased a downward trajectory over the past 24 hours, dropping 0.56%, reaching $0.00001055. Moreover, this downward momentum was further accompanied by a weekly plunge of 2.10%.

However, with Shibarium reaching new heights and the SHIB burn rate marking a significant upsurge, market sentiments orbiting Shiba Inu seem to be taking an exciting turn. Crypto market fanatics across the globe appear to be amassing bullish thoughts for the token.

Also Read: Bitcoin ETF: Bitwise Holds Edge Over BlackRock With 20x Seed Fund

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