Shiba

Burn

FLOKI

Dogecoin

Shiba Inu

The burn rates of <a href="https://bitcoinist.com/dogecoin-price-january-2024/">Dogecoin</a> rivals Shiba Inu and FLOKI have seen a significant spike over the last few days. Interestingly, the spikes in the burn rates of both of these meme coins are almost identical, raising questions of whether there is a coordinated effort going on to drastically reduce the available supply of both of these cryptocurrencies. 
<h2 class="p2" id="shiba-inu-burn-rate-sees-3-963-rise">Shiba Inu Burn Rate Sees 3,963% Rise</h2> 
The <a href="https://bitcoinist.com/shiba-inu-2nd-most-traded-token-on-this-exchange/">Shiba Inu burn rate</a> which had seen a drawdown over the holidays had begun to pick up once more as soon as the market was back in full swing. It started out the week on a low note. But by Wednesday, the burn rate had begun to spike, starting with a 300% increase in a 24-hour timeframe. 
This accelerated burn rate has carried on into Thursday where there has been a more than 10x increase in the spike recorded on Wednesday. According to <a href="https://www.shibburn.com/" rel="nofollow noopener" target="_blank">data</a> from Shibburn, a tracking website for the amount of SHIB burned every day, the SHIB burn rate has spiked another 3,963% in the last day again. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-272593 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=640&amp;resize=640%2C303" alt="Shiba Inu burn" width="640" height="303" srcset="https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=3438 3438w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=640&amp;resize=640%2C303 640w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.39.21.png?w=3000 3000w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
At the beginning of Thursday, this figure sat around a 600% spike. However, a single wallet would send a million <a href="https://bitcoinist.com/trading-pairs-dogecoin-shiba-inu/">SHIB tokens</a> to the burn address in a single transaction, sending the burn rate skyrocketing. This brought the total token burned to over 1.2 million, recording an almost 4,000% spike. 
In spite of this spike, there has not been any impact on the <a href="https://bitcoinist.com/shiba-inu-heartfelt-message-2024/">SHIB</a> price which continues to trend low at $0.08. This disparity suggests that the burn rate hasn’t had much effect on the <a href="https://bitcoinist.com/shiba-inu-heartfelt-message-2024/">SHIB price</a>, and they continue to operate independently. 
<h2 class="p2" id="floki-another-dogecoin-rival-sees-burn-rate-spike">FLOKI, Another Dogecoin Rival, Sees Burn Rate Spike</h2> 
Shiba Inu is not the only meme coin that has recorded a significant spike in its burn rate over the last day. <a href="https://www.newsbtc.com/news/solanas-bonk-climbs-to-3rd-place-in-dog-coin-market-cap-leaving-floki-behind/" rel="nofollow noopener" target="_blank">FLOKI</a>, another fierce competitor of <a href="https://bitcoinist.com/dogecoin-price-january-2024/">Dogecoin</a>, has <a href="https://www.crypteye.io/burntracker/coins/floki" rel="nofollow noopener" target="_blank">followed</a> the same path as well and its burn initiative has begun to gain popularity among its community. 
FLOKI’s burn figure for the last day came out to 218 million tokens removed from circulation. This resulted in a 600% spike in the burn rate which has been ramping up recently. As a result, the total number of coins burned so far has not reached 57.766% of the total token supply. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-272594 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=640&amp;resize=640%2C368" alt="FLOKI burn" width="640" height="368" srcset="https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=2554 2554w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=640&amp;resize=640%2C368 640w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/01/Screenshot-2024-01-04-at-11.58.44.png?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Currently, there are only 4.22 trillion <a href="https://www.newsbtc.com/news/floki-outmuscles-top-100-cryptos-with-134-price-explosion-details/" rel="nofollow noopener" target="_blank">FLOKI tokens</a> left in circulation, translating to 42.234% of the total supply of 10 trillion tokens. This means that there are more FLOKI tokens burned compared to the tokens in circulation. 
In the same vein as Shiba Inu, the spike in the daily burn has not positively affected the <a href="https://www.newsbtc.com/news/floki-inu-floki-claps-back-counters-bitgets-claim-of-breaching-7-day-listing-deadline/" rel="nofollow noopener" target="_blank">FLOKI price</a>. It is currently nursing losses of 11.2% on the daily chart at the time of this writing and is down 14.2% on the weekly timeframe. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/OiYPTqN8/" alt="FLOKI price chart from Tradingview.com (Dogecoin Shiba inu burn)" width="3266" height="1530">

Dogecoin Rivals Shiba Inu And FLOKI Record Massive Surges In Burn Rate

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