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Shiba Inu (SHIB), the second-largest meme coin, has been trading under increased selling pressure over the past month.
As the Shiba Inu price continued to decline, a new trending meme crypto, Pepe Coin, has gained all of the attention. However, it seems that SHIB might be making a comeback, as SHIBarmy burned more than a billion Shiba Inu Coins in the last 24 hours.
In the past 24 hours, 1.69 billion SHIB coins have been sent to a dead wallet in multiple transactions, according to Shibburn data. This has caused a spike of 13150% in the SHIBburn rate after a long period with a few Shiba Inu Coins being burned. The SHIB burn rate was previously plummeting, indicating a decline in user interest in the second-largest meme crypto. Shiba Inu's price has fallen by more than 18% in the last 30 days, trading at an average price of $0.000009 at press time. Despite this, Shiba Inu remains the second-largest meme crypto, with a market cap of $5.16 billion.
Meanwhile, Pepe Coin, a new meme coin, has taken the crypto market by storm with a 3400% surge in price over the last 30 days. However, its value dropped by 13% in the last 24 hours, trading at an average price of $0.000002 at the press time. The 24-hour trading volume for Pepe Coin is up by 21%, standing at $1.13 billion.
SHIB Burn Rate Spikes, Pepe Coin Gains Attention Amidst Market Volatility
The recent spike in SHIB's burn rate is a positive sign for the coin, indicating that there is still interest in the market. However, the declining price remains a cause for concern. As for Pepe Coin, despite its recent drop, its massive surge in price over the last month cannot be ignored.
The crypto market remains volatile, and investors must conduct thorough research before investing in any coin. As the battle between SHIB and Pepe Coin continues, it will be interesting to see how the market evolves and which coin comes out on top.