Shiba

Burn

Pepe Coin

Wednesday

Shiba Inu

Shiba Inu, an Ethereum-based meme coin, promptly gained significant traction across the cryptocurrency landscape on Wednesday as the token recorded a significant upswing in its burn rate. Notably, on-chain data showcased the incineration of hundreds of millions of SHIB over the past day, surfacing amid a price drop noted by the token.
The SHIB burning saga, erupting amid today’s price fall, appears to have curated a tidal wave of speculations across the broader crypto market. Following this, crypto market enthusiasts seem to be eyeing the Shiba Inu cryptocurrency extensively.
<h2 id="shib-burn-report">SHIB Burn Report</h2>
According to the data unveiled by <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">Shibburn</a>, a platform facilitating SHIB burning insights, the Shiba crypto community recorded a colossal surge in its burn rate today, December 27. Remarkably, as per the data, the token’s community witnessed a 1677.45% surge in the burn rate over the past 24 hours. Moreover, the community boasted a total of 131.45 million SHIB burnt over the past day.
Meanwhile, the Shiba crypto community spotlighted another significant transfer to a dead wallet. Aligning with the on-chain data, a whopping 123.66 million SHIB were <a href="https://www.shibburn.com/btx/0x716f76b2a69c3d62d214e59b24483f6ef5a5595e1de5bd67ac1014d8f4fd648d" target="_blank" rel="noopener noreferrer nofollow">transferred</a> from the wallet address 0x982F84e…41a48 to a dead wallet.
In addition, accompanying today’s surge, the Shiba community also registered a weekly burn rate surge of 100.25%. However, the token’s market charts portrayed a sentiment otherwise. In contrast to the upswing in the SHIB burn rate, the price today portrayed a downward trajectory for Shiba Inu.
Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-pepe-coin-plummet-as-mina-rises/" target="_blank" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin, Pepe Coin Plummet As MINA Rises</a>
<h2 id="shiba-inu-price-tumbles">Shiba Inu Price Tumbles</h2>
As of writing, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu price</a> dropped 1.99% over the past 24 hours and is currently trading at $0.00001044. Moreover, the token’s market cap also down surged by 1.96%, reaching $6.15 billion.
However, the token’s weekly charts illustrated an upswing of 2.50%, further escorted by a monthly upsurge of 25.66%. Although today’s price traded bearishly, the token’s market performance in the past few days aligns with the community’s <a href="https://coingape.com/shiba-inu-burn-rate-soars-5000-as-whale-reshuffles-4-tln-shib-whats-happening/" target="_blank" rel="noopener noreferrer nofollow">recent SHIB burning chronicle</a>. Furthermore, with the token garnering significant attention with its surge in burn rate today, prices are expected to be bolstered soon.
Also Read: <a href="https://coingape.com/polygon-matic-price-gives-a-strong-breakout-above-1-expect-70-rally-ahead/" target="_blank" rel="noopener noreferrer nofollow">Polygon (MATIC) Price Gives A Strong Breakout Above $1, Expect 70% Rally Ahead</a>
The post <a href="https://coingape.com/shiba-inu-burn-rate-skyrockets-1600-amid-shib-price-slump-whats-happening/" rel="noopener noreferrer nofollow">Shiba Inu Burn Rate Skyrockets 1600% Amid SHIB Price Slump, What’s&nbsp;Happening?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Burn Rate Skyrockets 1600% Amid SHIB Price Slump, What’s Happening?

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