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Shiba Inu Burn Surge Propels SHIB Price Rally by Over 100%

Shiba Inu, often dubbed the “Dogecoin killer,” is experiencing a surge in its price attributed to a notable increase in token burning.

Key Takeaways

  • Shiba Inu experiences a surge in token burning, driving a 128.37% increase in the burn rate.
  • Shibburn platform reports the burning of 9.13 million SHIB tokens, aligning with community efforts to support SHIB tokenomics.
  • Two significant transactions, burning 7.15 million and 2 million SHIB, gain attention in the crypto market.
  • Despite a 0.23% price increase in the last twenty-four hours, Shiba Inu observes a 23.11% decrease in trading volume.

Remarkable Surge in SHIB Burning

Shibburn, a platform specializing in SHIB burning insights, recently disclosed data indicating a substantial surge in the burning of Shiba Inu cryptocurrency tokens. This surge in burning activity has garnered attention as it coincides with a marginal upswing in the price of SHIB.

Community-Driven Token Burning Efforts

The Shiba Inu crypto community has been consistently burning tokens in recent days, emphasizing their dedication to fortifying the SHIB tokenomics.

Shibburn’s data, as of November 24, highlights a noteworthy 128.37% surge in the burn rate, translating to a significant burn of 9.13 million SHIB. This surge aligns with the community’s endeavors to enhance the economic structure of the SHIB token.

Key Burn Transactions

Within the series of SHIB burn transactions, two transactions stand out. An unknown wallet (0x60812..) burnt 7.15 million SHIB approximately twelve hours ago, while another wallet (0x74dec…) burnt 2 million SHIB around twenty-four hours ago. These transactions have captured the attention of market enthusiasts.

To Conclude

The Shiba community’s proactive efforts are evident in recent advancements. According to data from Shibarium, a layer-2 blockchain network for Shiba Inu built on Ethereum, the total number of transactions on the network has surpassed 4 million. Additionally, SHIB wallets with a balance of $0 have surged by approximately 15,000%, showcasing the community’s growing engagement since February 2021.