As a seasoned crypto investor with a penchant for meme tokens, I must say the recent surge in Shiba Inu (SHIB) has caught my attention once again. With a burn rate skyrocketing by an astonishing 33,818%, it’s like watching fireworks on the blockchain! The sheer scale of this burn is unprecedented and has torched over 1.8 billion SHIB in just one day.
Over the last few days, the rate at which Shiba Inu (SHIB) coins are being destroyed, or “burned,” has increased incredibly, reaching a staggering 33,818% increase – the highest surge in recent months. According to Shibburn, this rapid burn rate has resulted in a total of 1,884,288,401 SHIB tokens being destroyed in just one day, marking the largest one-day burn event recorded during this quarter.
Shiba Inu is Back
Currently, Shiba Inu is among the most closely watched cryptocurrencies and has proven to be one of the top performers within the top 100 tokens. At present, its value has surged by over 14%, reaching $0.00001937, just a tad below its peak of $0.00001967 during the day.
As per the current market projections, the 24-hour trading volume for SHIB has soared by more than 124% to reach an astounding $1,350,670,820. This surge in trading activity reflects a heightened level of enthusiasm among traders. Additionally, due to the recent increase in burn rate, approximately 410,730,725,592.43 SHIB coins have been transferred to inactive wallets since the token was first introduced.
presently, the circulating supply of Shiba Inu tokens stands at 583,500,849,670,245 SHIB. The creators of this meme-based cryptocurrency are exploring various means to decrease its supply, with the recent move being the debut of ShibTorch – a burn portal on Shibarium.
8 billion SHIB tokens have been burned by ShibTorch, marking its best performance since it was launched in August. (or)
SHIB Amid Memecoin Competition
Shiba Inu aims to reclaim its position in the memecoin market, particularly in relation to Dogecoin (DOGE), which is currently leading the pack. In the past 24 hours, Shiba Inu has outperformed its competitors, with a 15% increase compared to DOGE’s 8% and PEPE‘s 8.8% growth.
On the other hand, PEPE is significantly surging ahead, increasing by over 17% within a day. This growth pace suggests that it has now crossed one decimal point (0), a development we had hinted at in our previous report for U.Today.
The Shiba Inu coin continues to serve as a benchmark within the world of meme-based cryptocurrencies, with its performance indicators suggesting that overall public interest is increasing.
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2024-09-27 13:30