SHIB Burn Rate Plunges 40% Amid Shiba Inu Price Surge

Shiba Inu, an Ethereum-based altcoin, amassed noteworthy attention in the world of cryptocurrencies as it recently witnessed a price jump amid a decrease in the burning of tokens.

Shibburn, a platform offering SHIB burn insights, recently unveiled data showcasing the plunge in the burning of SHIB tokens.

Moreover, Shibarium, a layer two blockchain for Shiba Inu, also witnessed a significant boost in testnet activities, stirring up speculations among crypto market traders and investors.

Shiba Inu Burn Rate Amid Testnet Activity

As of writing, the data offered by Shibburn showcased a 34.89% decrease in Shiba Inu’s burn rate over the past twenty-four hours. Besides, the total number of tokens burnt over the past twenty-four hours totaled 5.94 million. Interestingly, amid the constant burning of SHIB, the burn rate over the past week also experienced a fall of 43.33%. A total of 130.90 million SHIB was burnt over the past seven days.

The Shiba Inu crypto community created a buzz in the world of cryptocurrencies following the massive burning of SHIB tokens over the past few days. In a series of transactions, the Shiba community appears to have burnt a whopping 410.662 trillion SHIB tokens to date. The abovementioned burning of tokens comes forth as a result of the Shiba community building up support for their token.

Despite the Shiba community’s efforts, the SHIB price did not gain much momentum in 23, following which the community initiated burning colossal amounts of tokens.

Furthermore, the Shibarium testnet activity also skyrocketed over the past few days. As per the data revealed by a blockchain explorer, not a single transaction was carried out on the Shibarium testnet in recent weeks. However, since November 9, a whopping 400,000 transactions occurred, gaining attention throughout crypto markets.

Also read: ECB Warns of Overvaluation Risks Amid AI Surge in Financial Markets

Shiba Inu Price Report

At the time of writing, the Shiba Inu price witnessed a surge of 1.27% over the past twenty-four hours, evaluating $0.000008329 today, November 25. However, the token witnessed a marginal fall of 3.28% over the past week.

Furthermore, the twenty-four-hour trading volume witnessed a significant increase of 17.63%, reaching $119.77 million while writing.

The price surge witnessed by SHIB over the past month evaluated 12.25%, lining up with the community’s efforts to jack up the SHIB tokenomics. As the Shiba community continues to burn massive amounts of tokens, the scarcity of the token continues to surge, which might push the token for a better future outlook within broader crypto markets.

Also read: This Whale Astonishingly Becomes Largest Depositor On Ethereum L2 Blast Bridge

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