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Shiba Inu Burn Rate Spikes 14,267%, Price Recovers

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Thu, 27/10/2022 - 2:47
Shiba Inu Burn Rate Spikes 14,267%, Price Recovers
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Shiba Inu (SHIB) just saw a massive burn rate spike while not many tokens were burned. According to the SHIB Burn tracker, Shiba Inu’s burn rate rose by 14,267.59% in the past 24 hours.

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SHIB Burn Rate
Source: SHIB BURN

The spike comes while the number of the burned tokens is still not massive. According to SHIB Burn, around $14.07 million tokens — worth roughly $155 at the time of writing — were sent to dead wallets in the past 24 hours.

The largest burn transaction in the past day, per SHIB Burn data, is roughly 9.8 million SHIB. Furthermore, only 97,991 tokens were burned the day before.

With the latest market recovery, Shiba Inu has also gained momentum. At the time of writing, SHIB is trading at $0.000011, up by 7% in the past 24 hours, according to data provided by CoinMarketCap.

SHIB’s market cap has also touched the $6 billion mark for the first time in 17 days. 

The price action comes as the Luxembourg-based cryptocurrency exchange Bitstamp listed the second largest memecoin — top 14 cryptocurrency — for customers in the U.S., as U.Today reported.

Shiba Inu team has also brought a new concept art, called “Dunes,” to its SHIB Metaverse, U.Today reported on Tuesday.

On the other hand, a massive Shiba Inu whale, holding 3.3 trillion SHIB tokens — worth roughly $37 million at the time of writing — is on the move. The whale transferred the funds from one anonymous wallet to another.

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