Blockchain News

Burn Rate for Shiba Inu Increases by 14,267%, Price Recovers

Shiba Inu (SHIB) recently experienced a sharp increase in burn rate with very few tokens burned. The SHIB Burn tracker shows that over the previous 24 hours, the burn rate of the Shiba Inu increased by 14,267.59%.

The increase occurs even though there haven’t been many tokens burned. Around $14.07 million tokens, worth around $155 at the time of writing, were delivered to dead wallets on the previous day, according to SHIB Burn. 

According to SHIB Burn data, the greatest burn transaction in the previous day was about 9.8 million SHIB. Additionally, the day before, only 97,991 tokens were burned.

Shiba Inu has gained traction along with the most recent market rebound. According to statistics from CoinMarketCap, SHIB is currently trading at $0.000011, up 7% over the last day.

Likewise, SHIB’s market valuation has surpassed $6 billion for the first time in the previous 17 days. The price movement coincides with the listing of the second-largest memecoin (top 14 cryptocurrency) for users in the United States by the Luxembourg-based cryptocurrency exchange Bitstamp.

The Shiba Inu team has also included a brand-new piece of concept art to its SHIB Metaverse, titled “Dunes.” 

On the other hand, a huge Shiba Inu whale is in motion and is holding 3.3 trillion SHIB tokens, which are currently valued about $37 million. The whale shifted the money between two anonymous wallets.


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