SHIB gains overwhelming attention due to hike in token burn rate

Shiba Inu (SHIB) meme coin receives much attention owing to its overwhelming jump in its token burn rate to 3,900%. This is according to Shibburn, a platform meant for monitoring the burning of SHIB tokens. The pricing of SHIB, too, has seen a rise. 

The increase in Shiba Inu’s burn rate is attributed to immense purchases, with two big time buyers lifting more than $35 million worth of SHIB in a single day. 

All of these dramatic happenings gave birth to expectations of SHIB being positioned higher among traders and investors. The crypto community is enjoying a satisfying time under the current circumstances. There is also an opinion that the lessening of the quantity of SHIB being circulated will help increase the overall value of SHIB. 

In the past day, SHIB’s burn rate witnessed an upward swing to an astounding 3894.73%, as per Shibburn. At this point in time, the Shiba Inu community was responsible for burning an amount of $4.89 million SHIB tokens throughout various transactions. Incidentally, a single wallet address was recognized as the biggest reason for the hike. 

The wallet in question shifted an unbelievable 4.03 billion SHIB tokens to an inactive wallet through a single transaction. The wallet also came with the address 0xc55…, speaking volumes regarding the community’s untiring attempts to lessen the quantity in circulation. 

The latest figure pertaining to Shiba Inu’s pricing stood at $0.00002569, signifying an increase of 0.53%. The meme coin had a market cap of $15.12 billion. Shiba Inu’s trade volume rounded up to 14,57%, standing at $787.92 million.