Shiba Inu Continues Rally As SHIB Burn Rate Spikes Over 20% In The Past Day

Over the past 24 hours, a significant amount of Shiba Inu (SHIB) has been burned via transactions. SHIB has surged by nearly 4% in the past day, emerging as the second highest gainer among large crypto by market cap after Dogecoin (DOGE).

SHIB is currently in the green, with a 24-hour high of $0.00001144 and a low of $0.00001057. The token is moving upward after recording a sharp decline as of last week. 

Over 25 Million SHIB Burned In 24 Hours

As a result of the Shiba Inu army’s consistency in burning SHIB tokens, the token’s burn rate has recorded a more than 20% spike in the last 24 hours. According to the Shiba Inu burn tracker, Shibburn, there have been a total of 25,767,627 SHIB tokens burned in the past 24 hours via eight separate transactions. 

Of the eight transactions, SHIB super store, a themed SHIB product, burned the highest number of tokens through its weekly burn event. Over the past 24 hours, the store reported 9.5 million burned SHIB tokens in just a single transaction. 

Alongside the burned tokens, the SHIB superstore also reported an additional 9.4 million Shiba Inu tokens distributed to the community as a reward. According to this platform, this move is an “advancement in community support and encouragement in the continuous event of burning SHIB.”

The SHIB superstore has since been a core player in the weekly SHIB burn events. Starting in September 2021, the store has burned 3.48 billion SHIB and has distributed roughly 314 million SHIB to the community via its burn and earn program. 

As of last month, SHIB superstore recorded over 6.7 billion SHIB burned via 540 distinct transactions. 

Shiba Inu Continues Rally

While the total amount of SHIB burned over the past week is significantly huge compared to the total SHIB burned in the past few days, the SHIB price surged from a low of $$0.00001057 seen earlier today.

SHIB is currently moving in a bullish trend, following suit with DOGE price action. In the last 24 hours, over $400 million have been added to the asset’s market cap by nearly 4%. At the time of writing, the SHIB market cap currently sits at $6.7 billion.

Interestingly, despite its surge, at the time of writing, the asset’s trading volume hasn’t moved much compared to the amount seen earlier today. SHIB currently has a 24-hour trading volume sitting at $291 million. 

Meanwhile, DOGE has recorded a double-digit gain up by 17% in the last 24 hours. The asset currently trades at $0.0914 with a market cap of 12.9 billion and a 24-hour trading volume of $1.8 billion.

Featured image from Shutterstock, Chart from TradingView

Source: Read Full Article