Shiba Inu made a big impact on the global market as the token saw an impressive 6000% increase in its burn rate.
Shiba Inu, a leading meme coin on the Ethereum blockchain, created a buzz in the crypto market as it recorded a colossal upswing in its weekly burn rate. According to on-chain data from Shibburn, a platform providing insights into SHIB burning, the burn rate surged nearly 6000%, capturing the attention of global crypto enthusiasts.
Despite the impressive burn rate surge, the meme coin’s price traded in negative territory on the day, presenting a contrast to the weekly trend. However, Shiba Inu’s price experienced a marginal increase over the past week, adding to the intrigue surrounding the token.
Shiba Inu’s Burn Rate Surges 5891.2% in a Week
Shibburn’s data reveals a remarkable surge in Shiba Inu’s burn rate over the past 7 days, soaring by an impressive 5891.2% as of Saturday, January 13. On the most recent day, the community witnessed the incineration of 820,007 SHIB over the past 24 hours. However, this contributed to a decline in today’s burn rate, marking a 95.05% drop.
The cumulative burn from the token’s inception has reached a substantial 410.70 trillion SHIB, significantly impacting the circulating supply. Currently, the meme coin’s circulating supply stands at 581.07 million as of the latest data.
Shiba Inu Price Shows 4.06% Drop, Reclaims Dropped Zero
The Shiba Inu price has experienced a notable decline of 4.06% in the last 24 hours, currently trading at $0.00000979. Interestingly, the price has regained a zero that was recently shed, sparking discussions and speculations within the global crypto community.
In addition to the price drop, both the market cap and 24-hour trading volume have seen significant reductions. The market cap reflects a decrease of 3.92%, now standing at $5.79 billion, while the trading volume dropped by 11.29%, reaching $195.75 million.
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