Shiba Inu Continues Rally As SHIB Burn Rate Spikes Over 20% In The Past Day
April 03 2023 - 5:00PM
NEWSBTC
Over the past 24 hours, a significant amount of Shiba Inu (SHIB)
has been burned via transactions. SHIB has surged by nearly 4% in
the past day, emerging as the second highest gainer among large
crypto by market cap after Dogecoin (DOGE). SHIB is currently in
the green, with a 24-hour high of $0.00001144 and a low of
$0.00001057. The token is moving upward after recording a sharp
decline as of last week. Related Reading: Shiba Inu Burn Rate
Accelerates, How Will The Price React? Over 25 Million SHIB Burned
In 24 Hours As a result of the Shiba Inu army’s consistency in
burning SHIB tokens, the token’s burn rate has recorded a more than
20% spike in the last 24 hours. According to the Shiba Inu burn
tracker, Shibburn, there have been a total of 25,767,627 SHIB
tokens burned in the past 24 hours via eight separate
transactions. Of the eight transactions, SHIB super store, a
themed SHIB product, burned the highest number of tokens through
its weekly burn event. Over the past 24 hours, the store reported
9.5 million burned SHIB tokens in just a single transaction.
Alongside the burned tokens, the SHIB superstore also reported an
additional 9.4 million Shiba Inu tokens distributed to the
community as a reward. According to this platform, this move is an
“advancement in community support and encouragement in the
continuous event of burning SHIB.” The SHIB superstore has since
been a core player in the weekly SHIB burn events. Starting in
September 2021, the store has burned 3.48 billion SHIB and has
distributed roughly 314 million SHIB to the community via its burn
and earn program. As of last month, SHIB superstore recorded
over 6.7 billion SHIB burned via 540 distinct transactions.
Related Reading: Shiba Inu Fundamentals Look Strong, When Will SHIB
Price Follow? Shiba Inu Continues Rally While the total amount of
SHIB burned over the past week is significantly huge compared to
the total SHIB burned in the past few days, the SHIB price surged
from a low of $$0.00001057 seen earlier today. SHIB is currently
moving in a bullish trend, following suit with DOGE price action.
In the last 24 hours, over $400 million have been added to the
asset’s market cap by nearly 4%. At the time of writing, the SHIB
market cap currently sits at $6.7 billion. Interestingly, despite
its surge, at the time of writing, the asset’s trading volume
hasn’t moved much compared to the amount seen earlier today. SHIB
currently has a 24-hour trading volume sitting at $291
million. Meanwhile, DOGE has recorded a double-digit gain up
by 17% in the last 24 hours. The asset currently trades at $0.0914
with a market cap of 12.9 billion and a 24-hour trading volume of
$1.8 billion. Featured image from Shutterstock, Chart from
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