Shiba Inu Cremation Rate Increases by 400% as SHIB Price Continues to Rise
shiba inu, one of the most popular memecoins built on top of the Ethereum blockchain, once again echoed the frenzy in the broader crypto market on Friday following a massive rise in the token’s burn rate. In particular, the nearly 400% increase in the burn rate of the meme coin, according to data released by Shibburn, aroused great curiosity among crypto market traders and investors.
Meanwhile, as Shiba Inu burn data emerges on the crypto horizon amid its sustained price rise, additional implications appear to be emerging for the token.
The Burning Epic of SHIB
According to data from Shibburn, a platform that facilitates SHIB burn insights, the community recorded a 395.43% increase in burn rate today, January 12. Additionally, in line with this data, a staggering 18.24 million SHIBs were burned in the last 24 hours.
Three notable concurrent burning processes appear to be primarily responsible for the above-mentioned rise. These transactions collectively burned SHIB 16.56 million of the total amount burned above.
Additionally, the total number of coins burned in the initial supply of SHIB has now reached 410.707 trillion, attracting great attention worldwide. However, Shibarium, the layer two blockchain facilitated by Shiba Inu, has seen a notable decline in its activity. As of press time, the total number of daily transactions on the network has reached 1.86 million, indicating a significant decline. This also marks a significant decline for the L2 blockchain, where daily volume has recently recorded over 6 million transactions per day on the network.
However, with the increase in SHIB burn rate coupled with Shiba Inu’s steady price rise, market sentiment towards the token seems to be getting exciting.
Also Read: First Bitcoin (BTC) Options Expiration After ETF Approval, Uncertainty Remains
Shiba Inu Price Is Rising
As of press time, the Shiba Inu price has increased significantly by 2.70% in the last 24 hours and is currently trading at $0.00001021. Additionally, the token’s weekly chart shows a 3.69% rise, accompanied by a 5.99% monthly rise.
Surprisingly, the increase in price also falls in line with the increase in SHIB burn rate. Moreover, the token recently dropped zero from its price once again, garnering additional bullish sentiment among crypto market traders.
Also Read: First Day of Spot Bitcoin ETF Trading on Wall Street, Here’s How It Was
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