Shiba Inu Cremation Rate Increased by 600% and 115 Million Tokens Catched Fire
shiba inu, one of the most prominent meme coins running on top of the Ethereum blockchain, once again rode a tidal wave of speculation in the frontier crypto market on Friday; The token’s burn rate exceeded 600% and attracted significant attention worldwide. According to on-chain insights revealed by burn tracker Shibburn, the Shiba crypto community noted that a staggering 115.76 million SHIBs were burned in the last 24 hours, increasing market optimism for the cryptocurrency.
Meanwhile, the memecoin’s market charts also recorded a rapid increase following the increase in the SHIB burn rate, reflecting the community’s effort to upgrade the tokenomics of the token.
While Society Burns the Lion’s Share, the Rate of Burning Is Increasing
According to data from Shibburn, the Shiba Inu burn rate increased by 660.22% today, February 2. Additionally, among the total SHIB burned in the past day, the transfer of the Shiba community to a dead wallet seems to be the primary culprit for the massive rise.
In parallel, the meme coin community transferred 111.66 million SHIB to a dead wallet, according to data from Shibburn. On the other hand, it seems that both wallet addresses helped today’s rise.
While the address 0xc608… burned 2.1 million SHIB today, the address 0xa9d… burned 1.66 million SHIB. Simultaneously, the burn rate increased phenomenally, attracting the attention of crypto traders and investors.
Interestingly, the price of the meme coin also marked a rapid rise following the increase in burn rate. This occurs primarily due to a decrease in the total circulating supply of the token, resulting in scarcity of the coin compared to demand.
Also Read: ZetaChain (ZETA) Price Increased 150% on Debut, What’s Behind the Rally?
Shiba Inu Price Increases
As of press time, the Shiba Inu price has increased by 2.04% in the last 24 hours and is currently trading at $0.000009058. Meanwhile, the weekly chart of the token also showed a rise of 2.27%, accompanied by a market cap increase of 2.04%.
The recent increase in the token’s value appears to be due to a significant increase in burn rate, reflecting the community’s efforts to upgrade SHIB tokenomics.
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