Shiba Inu Burn Rate Soars 110% As One Zero Vanishes From SHIB Price

In a whirlwind of Shiba Inu developments, the burn rate has jumped by more than 110% in the last 24 hours, resulting in the incineration of millions of SHIB tokens in this time frame. During this intense activity, a single wallet played a crucial role by swiftly contributing to the majority burn.

Meanwhile, as the Shiba Inu community grapples with the intensity of these burns, another seismic shift occurs – the eradication of a zero from the Shiba Inu price, signaling a bullish wave in the market.

Shiba Inu’s Burn Rate Soars 110%

According to data from Shibburn, Shiba Inu’s burn rate has surged by an astonishing 112.17%, witnessing the elimination of 22 million SHIB tokens within the last 24 hours. Meanwhile, the recent jump in the burning activity has triggered speculations in the SHIB community, especially considering the burn rate remained negative throughout the day.

Notably, a single wallet, 0xc42a758020f58b0…4a386ae2c8, orchestrated a monumental burn, consuming 20 million SHIB tokens in one transaction. This colossal burn has contributed to the recent advancement in the SHIB burn rate. Meanwhile, additional burns of 1.33 million and 0.66 million SHIB tokens were also added to the inferno.

As the Shiba Inu burn frenzy continues, a total of 410.67 trillion SHIB tokens have been removed permanently from the initial supply. However, despite this fiery display, the circulating supply persists at 580.72 trillion, leaving the community on the edge of their seats as they navigate the uncharted territories of Shiba Inu’s volatile journey.

Also Read: VanEck Updates Spot Bitcoin ETF Filing With “HODL” Ticker

One Zero Vanishes After The Price Surge

Amid the staggering surge in the burn rate, the Shiba Inu price experienced a historic moment, shedding a zero and briefly touching the $0.00001 mark. This psychological milestone, eagerly anticipated by the SHIB community, represents both optimism and skepticism within the crypto landscape.

Meanwhile, as of writing, the Shiba Inu price was up 4.39% over the last 24 hours and traded at $0.00001001, while its trading volume fell 4.09% to $298.28 million. In addition, the recent jump in its price pushed its market cap to $5.9 billion.

Notably, with this recent increase in the meme coin, its price has increased nearly 21% over the last 30 days.

Also Read: Kazakhstan Shuts 980 Non-Compliant Crypto Exchanges In 2023

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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