The meme-inspired cryptocurrency Shiba Inu (SHIB) experienced an incredible 1411% surge in its burn rate within the last 24 hours. This surge resulted in the removal of a whopping 61 million SHIB tokens from circulation. Perhaps, this substantial increase in burning has led to the elimination of one zero from its price
Shiba Inu’s Burn Rate Spike
According to data from Shibburn, Shiba Inu’s burn rate has surged by an astonishing 1411%, resulting in the elimination of 61 million SHIB tokens within the last 24 hours. This sudden increase in burning has led to discussions in the SHIB community, especially since the burn rate stayed negative all day.
Notable, two wallets, with addresses 0xf8791b43…ccbb3 and 0x0327cb7f…76c9f played a big part in a massive burn, using up 27 and 21 million SHIB tokens in one transaction. This significant burn has played a crucial role in the recent advancement of the SHIB burn rate.
As the Shiba Inu burn excitement continues, a massive total of 410.7 trillion SHIB tokens have been taken out permanently from the initial supply.
Shiba Erasing One More Zero
In the midst of this remarkable surge in the burn rate, the Shiba Inu price is on the brink of a historic moment, poised to shed one more zero and briefly touch the $0.00001 mark.
This psychological milestone, eagerly anticipated by the SHIB community, creates a mix of hope and doubt in the crypto world.
As of now, the Shiba Inu price has gone up by 3.89% in the last 24 hours, trading at $0.000009323. The trading volume has shot up by 52.89%. Additionally, the recent price jump has bumped up the ranking of this meme-based crypto token to 19th place, boasting a market cap of $5.4 billion.
Top-performing meme coins
Looking at other meme coins, Dogecoin (DOGE), the first in this category, sits at the 11th spot with a price of $0.08128. It has seen a slight 0.1% increase in the last hour but showed a 3.9% increase over the past seven days, boasting a market cap of $11.6 Billion.
Other players like Bonk (BONK) saw a significant 17.1% increase over the week, while CorgiAI (CORGIAI) had a modest 0.6% weekly growth. Pepe (PEPE) and dogwifhat (WIF) show different trends, emphasizing the ever-changing and sometimes unpredictable nature of meme coins.