Shiba Inu Leads Meme Coins Rally; Burn Rate Breaches 1300%

Shiba Inu News: Shiba Inu burn rate has registered a surge of over 1390% in the last 24 hours, depicts the data shared by the SHIB burn website. The enormous burn rate is related to both the projected debut of the Layer-2 blockchain system Shibarium early this year and the return of whales.

According to the data on Shibburn website, a total of 410,384,426 SHIB tokens have been burnt in the last 24 hours. This number is an increase of 1395.89% from the previous day’s burn rate. There have been major 4 transactions that led to the increase in the number.

Shiba Inu increases by 4.44% in the last 24 hours following the burn. Each SHIB token is at 0.000008793 USD.

Source: coinmarketcap

SHIB Burn Continues

There has been an increase in SHIB burn rate from the last month. During the bear market, the whales were selling off Shiba Inu tokens. However, now they seem to be returning back as the market situation is getting better.

The massive burn will lead to jumping in the prices as there will be fewer tokens circulating. In an effort to reduce the supply of the meme crypto, one transaction shows a burn of 14,999,999 SHIB tokens.

By observing clues from core developer Shytoshi Kusama and the official Twitter handle of the Shiba Inu ecosystem, SHIB Army predicts the debut of Shibarium in the early months, of this year.

Dogecoin Jumps Over 4%

The other meme crypto, Dogecoin is seeing a massive jump of 4.66% in the last 24 hours. Each DOGE token is costing 0.07506 USD. trading volume is up by 139.31% as compared to the previous day.

BONK, the first meme crypto on Solana blockchain, dips by 18.28% in the last 24 hours. Trading volume is down by 6.55%. The launch of BONK had been responsible for increasing the price of Solana token in the past week.

Shourya mainly reports on Cryptocurrency Prices, NFTs and Metaverse. Graduated and post graduated in Journalism, she always wanted to be in business field. Connect with her at [email protected] or tweet at Shourya_Jha7

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.