Shiba

Burn

Dogecoin

Shiba Inu

Shiba Inu (SHIB), the dog-themed meme crypto, has been surging lately after having experienced several challenges during the year. The Shiba Inu price managed to gain over 35.44% in the last month, registering impressive growth despite the various price fluctuations during the year. Meanwhile, the recent rally seems to be attributed to the massive burn rate of over 8.5 billion SHIB tokens in the last 24 hours. 
<h2 id="b-shiba-inu-burn-rate-skyrockets-b">Shiba Inu Burn Rate Skyrockets</h2> 
The SHIB burn rate spiked by a whopping 161,540.53% on Friday, December 22, 2023, as over 8.59 billion SHIB coins were burned. According to data from <a href="https://www.shibburn.com/">Shibburn</a>,&nbsp;a website that keeps track of SHIB burn insights, it is suggested that more than 17.22 billion SHIB have been burned in the last seven days. The recent increase in the SHIB burn rate has pushed the meme crypto’s price up as it continues to rally. 
As of writing, the most shocking transaction in the past 24 hours was recorded as 8.53 billion SHIB tokens were burnt via a single transaction. The transaction was made by the unknown wallet address, 0xc7d…, towards a dead account, transferring approximately $90,000 worth of SHIB. 
In addition to the above-mentioned transaction, there were other noticeable burn transactions of 24 million and 20 million SHIB tokens. Moreover, the recent Shiba Inu price surge has been attributed to a burn of SHIB tokens worth over $1.5 million in the past month. Subsequently, the SHIBArmy is delighted to witness the gigantic burn rate and expects it to pump the price further. 
Also Read: <a href="https://coingape.com/elon-musk-sec-tussle-reaches-new-heights-as-supreme-court-weighs-in/" target="_blank" rel="noopener">Elon Musk’s SEC Tussle Reaches New Heights As Supreme Court Weighs In</a> 
<h2 id="b-shib-price-rally-b">SHIB Price Rally</h2> 
The <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">Shiba Inu price</a> was up by 4.90% as the meme coin traded at $0.00001079 at the time of writing. Furthermore, the 24-hour trading volume increased by 50.52% to $239.26 million. 
Meanwhile, the SHIB market cap stood at $6.36 billion, gaining 5.24% in value. In the past month, the digital asset has gained a massive 32.19% in value. 
As reported by Coingape earlier, <a href="https://coingape.com/shiba-inu-burn-rate-soars-110-as-one-zero-vanishes-from-shib-price/">Shiba Inu ditched a zero</a> on December 8, 2023, and hit the $0.00001 mark as the burn rate soared by 110%. In addition, it’s worth noting that the Dogecoin Killer gained around 25% over the last 12 months amid bearish trends. 
Also Read: <a href="https://coingape.com/breaking-justin-sun-hints-at-linking-tron-wallet-with-solana/" target="_blank" rel="noopener">Justin Sun Hints At Linking Tron Wallet With Solana</a> 
The post <a href="https://coingape.com/shiba-inu-burn-rate-spikes-161540-where-shib-price-heading/">SHIB Price Jumps 35% Amidst Unprecedented Token Burn</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

SHIB Price Jumps 35% Amidst Unprecedented Token Burn

Table of Contents

Coingape News Media

Other articles published on Dec 22, 2023

Polkadot Levels Up: Integrates with Pokémon Go and Call of Duty Mobile Game Engine

Microsoft Discontinues Windows Mixed Reality in Favor of AI

Arthur Hayes of BitMEX dumps Solana (SOL) to buy Ethereum (ETH)

opBNB Efficiently Handles Surge in Inscription Activity, Proving Network Resilience (22 Dec)

ICP.Hub Korea and The Moon Labs Form Alliance for Gaudi-Inspired Web3 Ventures

Bitcoin’s Strong Stance Continues to Influence Altcoins

Join our free newsletter for daily crypto updates!