The burn rate of Shiba Inu (SHIB) enormously rose to 30929.3% in the last 24 hours. A single giant transaction initiated the burn of 1,494,278,561 SHIB, worth $16,885 at press time. The official SHIB burn tracker, Shibburn, detected this burn activity at 07:14:59 UTC.
As per the portal, at the time of writing, Shiba Inu stood with a circulating supply of 573,935,573,168,902 SHIB after burning approximately 410,632,896,262,191 tokens.
In recent times, the hike in burn rate failed in triggering a price gain in SHIB. But contrarily, at this cycle, Shiba Inu (SHIB) recorded a bullish 24-hour price change. The market sentiment and adoption rates coordinated with the burn rate to favor the goal of burning — accelerating scarcity to increase value.
At press time, as per CMC, SHIB traded at $0.00001134, up 2.25% in the last 24 hours, and held a market cap of $6,687,863,752. Alongside the token, Shibarium’s Beta testnet, Puppynet, also achieved significant milestones this week.
On the other hand, SHIB’s memecoin pioneer — Dogecoin (DOGE) — exhibited a notable surge in its 24-hour trading volume. The rise in DOGE was initiated predominantly by Elon Musk’s constant support.
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