Shiba Inu (SHIB) is a popular meme coin built on the Ethereum platform. The SHIB Coin sparked widespread speculation in the crypto market on Friday. This was triggered by a significant increase in its burn rate.
According to Shibburn, an astonishing 7.64 million SHIB tokens were incinerated in the last 24 hours, generating significant global attention. Due to this, the burn rate skyrocketed to almost 200%. Further, the SHIB Coin is trading in the green at the time of writing
Also Read: Shiba Inu (SHIB) Price Prediction
SHIB Burn Report: Dive into the Details
According to recent data by Shibburn, the Shiba Inu Coin, which currently has a total supply of 589.35 trillion tokens, has successfully burned an astonishing 410.70 trillion coins as of the time of writing.
Notably: there are two burn transactions are appeared
Recently, the wallet addresses 0xa9d1e08c7793af6…7fb81d3e43 transferred a significant amount of 4.01 million SHIB to a dead wallet, contributing significantly to the upsurge. Additionally, the same address, 0xa9d1e08c7793af6…7fb81d3e43, also moved 3.60 million SHIB to a dead wallet.
When tokens are transferred to dead wallets, it results in a decrease in the number of circulating Shiba Inu tokens within the market.
Also Read: Shiba Inu vs. Dogecoin – ChatGPT Predicts the Winner of 2024!
In the meantime, Shibarium, the Layer 2 network of Shiba Inu, has recorded a total of 340.57 million transactions as of the time of writing, demonstrating a significant increase in network activity.
Intriguingly, Marswap, a decentralized exchange (DEX) operating on Shiba Inu’s L2 Shibarium, has announced its plans to expand its services on the Shibarium platform. This development comes amidst the recent surge in popularity and activity surrounding the Ethereum-based meme coin, which has sparked a wave of optimism in the market for the token.
Shiba Inu (SHIB) Price Surge!
Over the past 24 hours, the price of the Shiba Inu Coin has experienced a significant surge of 1.65%, and its current trading value of $0.000009351. Additionally, there has been a notable increase in the trading volume of the SHIB Coin, which rose by 74.47%.
The Shiba crypto community is burning tokens to boost the SHIB tokenomics, which has contributed to today’s upswing in price.
How High Will Shiba Inu Go in 2024?
As per our expert’s price analysis, the Shiba Inu Coin can go as high as $0.000032, with an average price of $0.000029 by the end of 2024. The minimum price level can fall down to $0.000017 if there is a bearish environment in the market or negative news around the Shiba Inu ecosystem.
Also Read: Bitcoin Price Skyrockets to $46K, Bullish Momentum Points Towards $48K?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
