Shiba Inu Burn Rate Spikes 161540%, Where’s SHIB Price Heading?

ShibShiba Inu (SHIB), the dog-themed meme coin, has been rallying recently after a challenging year. The Shiba Inu price managed to gain over 32% in the last month, registering impressive growth despite the various price fluctuations during the year. Meanwhile, the recent rally seems to be attributed to the massive burn rate of over 8.5 billion SHIB tokens in the last 24 hours.

Shiba Inu Burn Rate Skyrockets

The SHIB burn rate spiked by a whopping 161,540.53% on Friday, December 22, 2023, as over 8.59 billion SHIB coins were burned. According to data from Shibburn, a website that keeps track of SHIB burn insights, it is suggested that more than 17.22 billion SHIB have been burned in the last seven days. The recent increase in the SHIB burn rate has pushed the meme crypto’s price up as it continues to rally.

As of writing, the most shocking transaction in the past 24 hours was recorded as 8.53 billion SHIB tokens were burnt via a single transaction. The transaction was made by the unknown wallet address, 0xc7d…, towards a dead account, transferring approximately $90,000 worth of SHIB.

In addition to the above-mentioned transaction, there were other noticeable burn transactions of 24 million and 20 million SHIB tokens. Moreover, the recent Shiba Inu price surge has been attributed to a burn of SHIB tokens worth over $1.5 million in the past month. Subsequently, the SHIBArmy is delighted to witness the gigantic burn rate and expects it to pump the price further.

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SHIB Price Rally

The Shiba Inu price was up by 3.19% as the meme coin traded at $0.00001059 at the time of writing. Furthermore, the 24-hour trading volume increased by 17.42% to $190.11 million.

Meanwhile, the SHIB market cap stood at $6.2 billion, gaining 3.14% in value. In the past month, the digital asset has gained a massive 32.19% in value.

As reported by Coingape earlier, Shiba Inu ditched a zero on December 8, 2023, and hit the $0.00001 mark as the burn rate soared by 110%. In addition, it’s worth noting that the Dogecoin Killer gained around 25% over the last 12 months amid bearish trends.

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