The Shiba Inu, the Dogecoin killer, sparked investor optimism across the broader cryptocurrency market on Friday, with a massive increase in the SHIB burn rate. Notably, the meme coin’s burn rate spiked by 33,000% today, sparking optimism as the price of SHIB surged more than 20% in the past 24 hours. Meanwhile, the meme coin sector mirrored the bullish market sentiment, with the prices of Dogecoin (DOGE), Pepe coin (PEPE), and dogwifhat (WIF) rising in tandem.
SHIB burn rate spikes 33,000% as more than 1 trillion VND of coins are burned
According to data published by tracker Shibburn on September 27, the Shiba Inu burn rate saw a spike of 33,818% today. The increase was largely due to 1.88 trillion coins burned in the past 24 hours. The massive hit to supply appears to have fueled bullish sentiment towards the popular dog-themed meme coin across the market.
Meanwhile, according to data, the total supply has dropped significantly to 589.26 trillion SHIB at press time. Furthermore, it is worth mentioning that an unknown address, 0x4ba.., transferred a staggering 1.87 billion SHIB to a burn address over the past day, which played a large role in today's surge. At the same time, the Shiba Inu-shaped coin has also started to gain traction and attract attention.
SHIB price skyrocketed more than 20%
At press time, the SHIB price had increased by nearly 21% over the past 24 hours to $0.00001932. The coin’s 24-hour low and high were $0.0000163 and $0.00001935, respectively. Interestingly, the daily trading volume has increased by 223% to $1,405,505,862. Furthermore, today’s price increase reflects the bullish impact of the increase in the SHIB burn rate.
It is also worth noting that the price of meme coins is rising in line with the general market trend. The meme coin industry saw PEPE surge 18% to $0.00001022 today. Additionally, Dogecoin surged 11% to $0.1233. However, the 'Dogecoin killer' Shiba Inu led the market's gains today.
A recent report by CoinGape Media highlighted that the on-chain activity of Shiba Inu has also increased significantly recently. This includes a sharp increase in volume, strong SHIB circulation, and increased whale transactions, adding to the optimism for the coin. Overall, the SHIB burn and recent market statistics have supported the coin’s emergence as a top gainer in the broader market.
Coinglass data today shows a 55% increase in Shiba Inu futures OI to $65.14 million. Additionally, the derivatives market saw a 338% spike in volume to $679.77 million. The above market statistics, coupled with today’s price action, suggest that the token is currently in an uptrend.
