The Shiba Inu (SHIB) meme coin is receiving a lot of attention with its token burn rate overwhelmingly jumping to 3,900%. This is according to Shibburn, a platform for monitoring SHIB token burns. The price of SHIB also rose.
The increase in burn rates for Shiba Inu is due to massive purchases, with two large buyers lifting more than $35 million worth of SHIB in one day.
All these dramatic events have raised expectations among traders and investors that SHIB has a higher standing. As things stand, the cryptocurrency community is having a good time. Some believe that reducing the circulation of SHIB will help increase the overall value of SHIB.
According to Shibburn, SHIB’s burn rate over the past day has risen to an incredible 3894.73%. At this point, the Shiba Inu community was responsible for burning $4.89 million worth of SHIB tokens through various transactions. However, a single wallet address was recognized as the biggest cause of the increase.
The wallet in question moved an incredible 4.03 billion SHIB tokens to an inactive wallet in a single transaction. The wallet has the address 0xc55… was also provided, which speaks volumes about the community’s constant attempts to reduce circulation.
The latest figure related to the price of Shiba Inu is $0.00002569 which means an increase of 0.53%. The market capitalization of the meme coin was $15.12 billion. Shiba Inu trading volume rounded off by 14,57%, reaching $787.92 million.