💥🔥Shiba Inu Burn Rate Increased by 161540%, Is the SHIBA Bull Run Near?

The dog-themed meme crypt Shiba Inu (SHIBA) has been on the rise recently after experiencing various challenges throughout the year. The Shiba Inu price managed to gain over 32% last month and recorded impressive growth despite various price fluctuations over the year. Meanwhile, the recent rally seems to be attributed to the huge burning rate of more than 8.5 billion SHIB tokens in the last 24 hours.Dec.

Shiba Inu Burning Rate Is Skyrocketing
Friday December 22, 2023, more than 8.59 billion SHIB coins were burned, so the SHIB burning rate increased by 161,540.53%. According to data from Shibburn, a website that tracks SHIB burn insights, it is suggested that more than 17.22 billion shibs have been burned in the last seven days. The recent increase in the SHIB burn rate has pushed up the price of the meme crypto as it continues to recover.
At the time of writing, the most shocking transaction in the last 24 hours was recorded as the burning of 8.53 billion SHIB tokens in a single transaction. The transaction is 0xc7d, which is the unknown wallet address... it was made towards a dead account by him and about $90,000 worth of SHIB was transferred.

In addition to the above-mentioned process, there were other noticeable burning processes on October 24 and 20 million SHIB tokens. Moreover, the recent Shiba Inu price increase was attributed to the burning of a SHIB token worth over $1.5 million last month. Later, SHİBArmy is happy to witness the gigantic burning rate and expects it to raise the price even higher.

SHIB Price Rally
The Shiba Inu price was up 3.19% with the meme coin trading at $0.00001059 at the time of writing. In addition, the 24-hour trading volume increased by 17.42% to $ 190.11 million.

Meanwhile, SHIB's market capitalization Decelerated to $6.2 billion, gaining 3.14% in value. Last month, the digital asset gained a huge value by 32.19%.

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