In the latest developments in the cryptocurrency space, Shiba Inu, often touted as the “Dogecoin killer,” has once again ignited a wave of excitement with a remarkable surge in its token burn rate. This surge has captured significant attention within the broader crypto market, coinciding with a bullish run in SHIB’s price.
Shiba Inu Surges over 907%
According to insights from the on-chain burn analytics provided by Shibburn, the Shiba community has burned an astonishing 33.88 million SHIB in the last 24 hours alone. This surge represents a remarkable 906.27% increase in the burn rate on Tuesday, January 9. Notably, the Shiba community has been actively burning SHIB tokens, with a total of 410.69 trillion SHIB incinerated from the initial supply to date. The community has also transferred 30.97 million SHIB to a dead wallet (0x95ad61…4c4ce) in a strategic move to enhance the meme coin’s tokenomics.
In addition to these significant burn activities, traders’ attention has been drawn to a substantial burn transaction where an unknown address (0x60812…9fe80) incinerated 1 million SHIB.
Simultaneously, the surge in SHIB’s burn rate has been reflected positively in its price chart. As of the latest update, the Shiba Inu price has experienced a noteworthy increase of 5.34% over the past 24 hours, reaching $0.000009521. However, it’s important to note that the weekly and monthly charts display considerable drops.
The notable price surge is attributed to the increased burn rate, and crypto market enthusiasts are optimistic about the potential impact on SHIB’s tokenomics. As the Shiba community continues its impressive burning activities, there is a growing expectation that the tokenomics of SHIB will receive a significant boost shortly.
These developments are closely monitored by the crypto community, and Shiba Inu’s resurgence in both burn activities and price performance is expected to generate further discussions and speculations in the dynamic cryptocurrency landscape.