Shiba Inu Weekly Burn Rate Increased by 6000% with 9.46 Billion SHIB Burns
shiba inu, one of the most prominent meme coins running on top of the Ethereum blockchain, echoed the sentiment of frenzy in the broader crypto market on Saturday as the token marked a massive spike in its weekly burn rate. According to on-chain data revealed on crypto horizon, Shibburn, a platform that facilitates insights from SHIB, has surged nearly 6000%, sparking speculation among crypto market enthusiasts worldwide.
Meanwhile, the price of the meme coin is trading in negative territory today, which is contrary to the weekly increase in the SHIB burn rate. However, a marginal increase in its price last week led to additional implications for the token.
SHIB Burn Report
According to data released by Shibburn, the burn rate in the last 7 days has increased by 5891.2% as of Saturday, January 13. Additionally, the community noted that as of today, 820,007 SHIBs have been burned in the last 24 hours. However, the number of coins burned today has resulted in a 95.05% decrease in today’s burning rate.
Notably, according to data from Shibburn, the Shiba crypto community appears to have burned a total of 410.70 trillion SHIB from the initial supply of the token. Moreover, the circulating supply of the meme coin currently stands at 581.07 million as of press time.
Also Read: Justin Sun Praises USDT Supply Exceeding $50 Billion on Tron Network
Declines in Shiba Inu Prices
As of writing, the Shiba Inu price has dropped a significant 4.06% in the last 24 hours and is currently trading at $0.00000979. Surprisingly, the price has bounced back to zero, where it had recently fallen, fueling speculation among crypto market enthusiasts globally.
Moreover, even market value and 24-hour trading volume experienced significant declines. According to market charts, the market value decreased by 3.92% to $5.79 billion, while the transaction volume decreased by 11.29% to $195.75 million.
Also Read: Analysts See Bitcoin’s Fall as a Buying Opportunity, Will BTC Reach $200K?
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