Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again curated a tidal wave of speculations across the border crypto market on Friday, as the token’s burn rate surged over 600%, nabbing significant attention globally. As per on-chain insights unveiled by the burn tracker Shibburn, the Shiba crypto community jotted down the incineration of a staggering 115.76 million SHIB over the past 24 hours, propelling market optimism for the cryptocurrency.
Meanwhile, the meme coin’s market charts also noted a prompt uptick following the surge in the SHIB burn rate, mirroring the community’s effort to jack up the token’s tokenomics.
Burn Rate Spikes As Community Incinerates Lion’s Share
According to Shibburn’s data, the Shiba Inu burn rate surged 660.22% today, February 2. Moreover, among the total SHIB incinerated over the past day, the Shiba community’s transfer to a dead wallet appears to be primarily responsible for the colossal upswing.
Aligning with this, the meme coin’s community transferred 111.66 million SHIB to a dead wallet, as per Shibburn’s data. Whereas, two wallet addresses appear to have additionally aided today’s burn upswing.
The address 0xc608… incinerated 2.1 million SHIB, while another address, 0xa9d…, burned 1.66 million SHIB today. Simultaneously, the burn rate surged phenomenally, garnering crypto traders’ and investors’ attention.
Intriguingly, the meme coin’s price also marked a prompt jump following the surge in burn rate. This primarily happens due to the reduction in the token’s total circulating supply, resulting in the coin’s scarcity when compared to the demand.
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Shiba Inu Price Surges
As of writing, the Shiba Inu price jumped 2.04% over the past 24 hours and is currently trading at $0.000009058. Meanwhile, the token’s weekly chart also showcased a 2.27% upswing, accompanied by a market cap rise of 2.04%.
The recent pump in the token’s value appears to come due to the notable upswing in its burn rate, mirroring the community’s efforts to jack up the SHIB tokenomics.
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