Shiba Inu Burn Rate Jumps Over 100% Fuelling SHIB Price Rally

Shibburn, a platform offering SHIB burning insights, recently unveiled data encompassing a phenomenal surge in the burning of Shiba Inu cryptocurrency tokens.

The notable surge in the burning of tokens caught the eyes of crypto market enthusiasts as the SHIB price witnessed a marginal upswing simultaneously.

As reported by CoinGape media earlier, the Shiba Inu crypto community has been constantly burning tokens over the past few days. The burning of tokens comes forth as a result of the Shiba crypto community’s efforts to build up support for the SHIB tokenomics.

SHIB Burn Report

According to the data offered by Shibburn, as of today, November 24, the platform noted a significant 128.37% surge in the burn rate, burning a whopping 9.13 million SHIB.

The abovementioned surge appears to line up with the community’s efforts to jack up the SHIB tokenomics. Furthermore, at the time of writing, the total tokens burnt from the initial supply totaled 410.662 trillion. The current circulating supply amounts to 580.417 trillion.

Among the series of SHIB burn transactions, two significant transactions nabbed noteworthy attention among market enthusiasts. The first transaction by an unknown wallet, 0x60812.., burnt 7.15 million SHIB approximately twelve hours ago, and the second transaction by an unknown wallet, 0x74dec…, burnt 2 million SHIB approximately twenty-four hours ago.

Also read: 25 Whales Purchased Millions Of BLUR Tokens, Price Jumps 90% In Week

Shiba Inu Price Surges Amid Advancements Made By The Community

As of writing, the Shiba Inu price witnessed a marginal surge of 0.23% in the last twenty-four hours, evaluating to $0.000008189 today. However, the trading volume experienced a substantial decrease of 23.11%, reaching $94.83 million at the time of writing.

Besides this, the token’s price gained significant momentum over the past month, surging 9.25%.

The aforementioned gains appear to come concurrent with the Shiba community’s recent advancements. As per the data offered by Shibarium, a layer-2 (L2) blockchain network built on Ethereum for Shiba Inu, the token hit another milestone, exceeding the 4 million mark for the total number of transactions done on the network. Furthermore, SHIB wallets with a balance of $0 surged phenomenally, with an approximate 15,000% surge as compared to February 2021 data.

Also read: Wallet of Satoshi Halts Services in US Amid Rising Regulatory Interference

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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