With a 400% increase in burn rate and a subsequent price surge, Shiba Inu, an Ethereum-based altcoin, acquires substantial traction.
On Friday, one of the most well-known meme coins built on top of the Ethereum blockchain, Shiba Inu, once more mirrored a frenzy that gripped the broader crypto market, after a monstrous surge indicated by the token’s burn rate.
Significantly, as indicated by the data disclosed by Shibburn, a burn rate increase of approximately 400% for the meme coin piqued the interest of crypto traders and investors.
Meanwhile, as the burn data emerged on the crypto horizon amid the sustained rise in the price of Shiba Inu, further deductions appear to be emerging regarding the token.
SHIB’s Burning Saga
According to data provided by Shibburn, a platform that facilitates SHIB burning insights, the burn rate increased by 395.43 % today, January 12.
Moreover, following this data, an astounding 18.24 million SHIB were burned in the past 24 hours.
This coincides with the fact that the mentioned rise seems to be predominantly attributable to three noteworthy burn transactions.
In aggregate, these transactions burned 16.56 million SHIB, which is a significant portion of the total quantity stated earlier.
Furthermore, as of now, 410.707.070 trillion coins have been incinerated from the initial supply of SHIB, a figure that has garnered considerable international interest.
On the contrary, Shibarium, a layer two blockchain that Shiba Inu facilitated, experienced a significant decline in activity.
At the time of writing, the daily volume of transactions on the network amounted to 1.86 million, indicating a significant decline.
This further demonstrates the L2 blockchain’s significant regression, as the daily volume on the network recently surpassed 6 million transactions.
Nevertheless, the sustained price increase of Shiba Inu and the increase in SHIB burn rate indicate that market sentiments regarding the token are undergoing a noteworthy transformation.
Shiba Inu Prices Rise
Presently, the Shiba Inu is being traded at $0.00001021, reflecting a significant increase of 2.70% in value over the past 24 hours as of this writing.
Additionally, the weekly chart of the token illustrates a surge of 3.69%, which is supplemented by a monthly injection of 5.99%.
Surprisingly, the increase in the SHIB consumption rate coincides with the price increase.
Moreover, the token’s price recently omitted a zero once more, providing crypto traders with additional reason to be optimistic.
