Shiba Inu Burn Rate Soars 2000% With Over 5 Mln SHIB Destroyed, Price Rebound Ahead?

Shiba Inu, one of the most eminent meme coins built atop the Ethereum blockchain, gained phenomenal traction within the broader crypto market on Friday as the token witnessed a colossal surge in its burn rate. This remarkable upsurge soon nabbed noteworthy attention among crypto market enthusiasts globally, as it surfaced amid a significant price jump noted by Shiba Inu.

Moreover, aligning with the surge in SHIB burn rate, the meme coin seems to have witnessed three substantial burn transactions, collectively burning millions of SHIB over the past 24 hours. Meanwhile, Shibarium, a layer-2 blockchain fostered by Shiba Inu, also scaled new summits, garnering notable attention globally.

SHIB Burn Rate Rockets Amid Shiba Inu’s Advancements

According to the data unveiled by Shibburn, a platform streamlining SHIB burning insights, the burn rate recorded a whopping 2274.64% surge over the past 24 hours on January 5, 2024. Furthermore, the Shiba community registered a staggering 5.20 million SHIB coins burnt during this period.

Notably, aligning with the aforementioned data, three noteworthy transactions amassed global attention, collectively burning 4 million coins throughout this span. Concerning this, the wallet address 0xa9d1…67e9 incinerated 3 million SHIB in a series of two transactions, whereas another wallet, 0x60812…253d, scorched 1 million SHIB.

Meanwhile, Shiba Inu’s layer-2 blockchain, Shibarium, also made significant advancements in the interim. According to reports, the Shibarium network took only 18 days to amass 1 million interacting wallets on its network. In contrast, some of the leading layer-2 networks, such as Arbitrum and zkSync, took a prolonged period to attain this. Furthermore, while writing, the total number of transactions on the Shibarium network totaled 256.08 million, showcasing the rising interaction of these wallets.

Simultaneously, aligning with Shiba Inu’s advancements, the token’s price also noted an upward trajectory today.

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Shiba Inu Price Springs

As of writing, the Shiba Inu price chart portrayed an upward trajectory over the past 24 hours, jumping 1.92%, reaching $0.00009847. Moreover, its market cap also saw a notable 1.87% increase and is currently resting at $5.80 billion.

However, the meme coin’s weekly chart portrayed a 6.65% plunge, fueling further inferences for the token.

Meanwhile, with Shiba Inu witnessing a colossal surge in its burn rate, further accompanied by the rush on Shibarium, crypto market fanatics seem to be amassing bullish sentiments for the token.

Also Read: Ethereum Validator Exit Queue Hits Record 16400 Amid Celsius ETH Unstaking Plans

The post Shiba Inu Burn Rate Soars 2000% With Over 5 Mln SHIB Destroyed, Price Rebound Ahead? appeared first on CoinGape.