Shiba Inu (SHIB), the world’s second-largest meme crypto, is making a huge price hike on the imminent launch of Shibarium and buying whales in bulk. These positive updates have led ShibArmy to burn more SHIB tokens to reduce coin circulation in the market.
Shiba Inu price skyrockets by 20%
According to Shibburn data, the Shiba Inu Coin burn rate has increased by a whopping 650% in the last 24 hours. The community sent 52.2 million SHIB tokens to a dead wallet. However, this cumulative burn happened in only 15 transactions. The current burn rate increase has helped SHIB to maintain the price increase in the volatile market.
It is important to note that this increase in burn rate is due to the huge increase in price. The price of Shiba Inu Coin is up 20% in the last 24 hours. SHIB is trading at an average price of $0.000012 at the time of going to press.
The current price rally has given Shiba Inu Coin an edge over Dogecoin. SHIB has printed a nearly 40% price increase in the last 30 days, while DOGE price is up 10% over the same period.
SHIB trading volume up 228%
WhaleAlert reported that Shiba Inu Coin has emerged as the most traded token in the top 100 Ethereum (ETH) whales. SHIB flipped CRV to take first place. However, SHIB 24-hour trading volume is up 228% to $920 million.
However, Shiba Inu has emerged as the largest crypto holding in the top 100 ETH whales. As of now, these whales now hold $616 million in SHIB tokens. This makes up nearly 17% of their total holdings. According to the data, Shiba Inu Coin made the count of the top 10 tokens bought by the ETH whales.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Shiba Inu Coin Burn Rate Surges 650% Amid Massive Price Pump
was published first on https://coingape.com/shiba-inu-coin-burn-rate-spikes-by-650-amid-huge-price-pump/
