SHIB Burn Rate Shoots Up 33000% As ‘Dogecoin Killer’ Ignites Meme Coin Frenzy

Shiba Inu, the Dogecoin Challenger, Spurs Crypto Market Optimism

On Friday, Shiba Inu (SHIB), the self-proclaimed "Dogecoin killer," sparked investor enthusiasm throughout the cryptocurrency market with a meteoric rise in its burn rate.

Surge in SHIB Burn Rate

According to Shibburn data, the SHIB burn rate skyrocketed by a staggering 33,818% on September 27th. This resulted in a massive 1.88 trillion coins being incinerated within 24 hours. The significant reduction in supply fueled bullish sentiment for SHIB across the market.

SHIB Coin Price Soars

Concurrent with the burn rate increase, the SHIB coin embarked on an impressive upward trajectory. At the time of writing, it had surged by nearly 21% over the past 24 hours to reach $0.00001932. The intraday trading volume also witnessed a remarkable 223% increase to $1,405,505,862.

Positive Impact on Meme Coin Sector

The SHIB price surge had a positive ripple effect on the meme coin sector. Dogecoin (DOGE) jumped by 11% to $0.1233, while Pepe coin (PEPE) rallied by 18% to $0.00001022.

Market Trends Support SHIB Upswing

The recent increase in SHIB burn rate and price aligns with broader market trends. Shiba Inu has seen a notable uptick in on-chain activity, including increased volume, circulation, and whale transactions, reinforcing market optimism.

Disclaimer and Conclusion

The information provided should not be construed as investment advice. Conduct thorough research before investing in cryptocurrencies. Market conditions are subject to change, and the author assumes no responsibility for any financial losses incurred.