Shiba Inu Coin Burn Rate Spikes By 650% Amid Huge Price Pump

Shiba Inu (SHIB), the world’s second largest meme crypto is on a massive price surge riding on the upcoming launch of Shibarium and bulk whale buying. These positive updates have led ShibArmy to burn more SHIB tokens in order to decrease its coin circulation in the market.

Shiba Inu price shoots by 20%

As per the data provided by Shibburn, the Shiba Inu Coin burn rate has spiked by a whopping 650% in the last 24 hours. The community has sent 52.2 million SHIB tokens to a dead wallet. However, this cumulative burn was done in just 15 transactions. The current surge in the burn rate has helped the SHIB to maintain the price surge amid the volatile market.

It is important to note that this surge in burn rate has come amid the massive price surge. Shiba Inu Coin price skyrocketed by 20% in the last 24 hours. SHIB is trading at an average price of $0.000012, at the press time.

The current price rally has allowed Shiba Inu Coin to get an edge over Dogecoin. SHIB has printed a price jump of almost 40% over the past 30 days while DOGE price has jumped by 10% in the same period.

SHIB trading vol spikes by 228%

WhaleAlert reported that Shiba Inu Coin has emerged as the most traded token among the top 100 Ethereum (ETH) whales. SHIB flipped CRV in order to gain the top spot. However, SHIB 24 hour trading volume has surged by 228% to stand at $920 million.

However, Shiba Inu has emerged as the largest crypto holding among the top 100 ETH whales. As of now, these whales are now holding $616 million worth of SHIB tokens. This makes the almost 17% of their total holding. As per the data, Shiba Inu Coin made it to the tally of the top 10 tokens purchased by the ETH whales.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.