Shiba

Ethereum

Burn

Shiba Inu

Frenzy

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On Thursday morning, the cryptocurrency market registered further losses, witnessing a decline in <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC)</a>, Ethereum (ETH), and smaller altcoins. At the time of reporting, Bitcoin had incurred a 2.82% decrease while Ethereum showed a 4.50% decline. The prevailing downturn extended to the popular meme coin, Shiba Inu (SHIB). The crypto’s price experienced a notable 6% dip in price over the past 24 hours while the SHIB burn rate skyrocketed by nearly 4,000%. 
The plunge comes after the unprecedented spike in the Shiba Inu burn rate this week. This is a cause of concern as the SHIB burns were expected to push the prices up. The recent surge coincided with the heightened interest in Shibarium, which is a layer-2 blockchain introduced by the Shiba Inu team in 2023. 
<h2 id="shib-burn-stats">SHIB Burn Stats</h2> 
According to <a rel="nofollow" href="https://www.shibburn.com/" target="_blank">Shibburn</a>, a website for tracking Shiba Inu token burns, over 1.21 million SHIB tokens were burned in the last 24 hours. This reflects a whopping 3,963.36% increase in the crypto’s burn rate. Among various transactions, one stood out, involving the transfer of over 1 million SHIB tokens from an unidentified wallet to a dead wallet. 
The total of SHIB tokens burned has now surpassed 410.69 trillion, which is more than 41% of the max total supply. Earlier, on December 22, 2023, the SHIB burn rate skyrocketed by a staggering 161,540.53% as Shibarium burned 8.53 billion tokens. Thereafter, the network burned another 8.47 billion tokens the next day. 
Also Read: <a href="https://coingape.com/shib-burn-rate-spikes-310-can-it-spur-price-rally/" target="_blank" rel="noopener">SHIB Burn Rate Spikes 310%, Can It Spur Price Rally?</a> 
<h3 id="shiba-inu-price-declines-continue">Shiba Inu Price Declines Continue</h3> 
Crypto burns are commonly employed to reduce a token’s supply and propel its price upwards. However, the recent spike in the SHIB burn rate failed to trigger the meme coin’s price up. 
On Thursday, January 4, 2024, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">SHIB price</a> was $0.000009628 at press time, reflecting a 5.02% decrease in the last 24 hours. The crypto currently maintains its position as the 17th largest cryptocurrency with a market capitalization of $5.67 billion. 
On the other hand, amid the recent price dip, a surge in SHIB demand was noticed. In the last 24 hours, the meme crypto’s trade volume soared by 66.73% to $301.51 million. Whilst, in the past week, the SHIB price plunged by over 11%. 
However, in the last 30 days, the Dogecoin Killer’s 1-month returns were recorded to be 7%. These gains can be attributed to the initial upward trend in December. But, Shiba Inu is currently 89.12% down from its all-time high of $0.00008845 attained in October 2021. 
Also Read: <a href="https://coingape.com/shiba-inu-weekly-burn-report/" target="_blank" rel="noopener">Shiba Inu Weekly Burn Report</a> 
The post <a href="https://coingape.com/shiba-inu-community-continues-burn-frenzy-with-staggering-4000-uptick/">Shiba Inu Community Continues Burn Frenzy With Shibburn Noting 4000% Surge</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Community Continues Burn Frenzy With Shibburn Noting 4000% Surge

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