Shiba Inu’s burn rate has registered an increase of over 1390% in the last 24 hours, according to data shared by SHIB’s burn website. The huge burn rate is tied to both the planned debut of the Shibarium Layer 2 blockchain system earlier this year and the return of the whales.
According to data from the Shibburn website, a total of 410,384,426 SHIB tokens were burned in the last 24 hours. This figure represents a 1395.89% increase over the previous day’s burn rate. There were 4 major transactions that led to the increase in this number.
Shiba Inu increases by 4.44% in the last 24 hours after burning. Each SHIB token is worth 0.000008793 USD.
The SHIB Burn continues
There has been an increase in the rate of SHIB burn since last month. During the bear market, the whales sold off Shiba Inu tokens. However, they now seem to be coming back as the market situation is improving.
The massive burn will lead to higher prices as there will be fewer tokens in circulation. In an effort to reduce the supply of the crypto meme, one transaction shows a burn of 14,999,999 SHIB tokens.
Looking at clues from lead developer Shytoshi Kusama and the official Twitter account of the Shiba Inu ecosystem, SHIB Army predicts Shibarium’s debut in the early months of this year.
Dogecoin jumps more than 4 percent
The other crypto meme, Dogecoin, has seen a massive jump of 4.66% in the last 24 hours. Each DOGE token costs 0.07506 USD. The trading volume has increased by 139.31% compared to the previous day.
BONK, the first crypto meme on the Solana blockchain, falls 18.28% in the last 24 hours. Trading volume is down 6.55%. The launch of BONK had been responsible for the increase in the price of the Solana token over the past week.
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