Shiba Inu (SHIB) Burn Rate Skyrockets 33818%, Price Reacts

Shiba Inu metrics are soaring with the burn rate jumping by more than 33,800% in what appears as a memecoin rebirth

Shiba Inu’s (SHIB) community effort towards reducing the circulating supply of the dog-themed memecoin is gradually paying off. Shibburn, the dedicated platform tracking token burn rate, shows that this key metric has increased by 33,818.39% in the last 24 hours.

Other Key Shiba Inu Metrics on a Positive Sentiment 

This colossal surge in burn rate destroyed a massive bag of 1,884,288,401 SHIB, bringing the total number of tokens burned to 410,730,725,592,430. 

About 24 hours ago, the SHIB burn rate surged by only 640.71%, incinerating 5,555,360 SHIB in the process. It is worth acknowledging that for the newest burn, one unknown address, 0x4ba.., was responsible for a significant percentage.

Over the past day, it transferred a staggering 1.87 billion SHIB to a burn address. The recent cut in the supply of SHIB has triggered a bullish sentiment for the token, and its other key metrics follow a positive sentiment. 

In the past 24 hours, there have been a total of 1,884,288,401 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/al23Rl3eRp

— Shibburn (@shibburn) September 27, 2024

SHIB price recorded almost a 20% jump, outperforming a few of its counterparts even in the middle of a general memecoin frenzy. 

According to data from CoinMarketCap, Dogecoin (DOGE) has surged by 8.71% and is trading at $0.1239. SHIB is currently trading at $0.00001909, corresponding with a 16.63% increase in the past 24 hours. Also, the dog-themed crypto has seen a 33.09% weekly surge in market value. 

The trading volume of the memecoin is 150.42%, up from its level 24 hours ago. With a value of $1,351,419,847, Shiba Inu is the cryptocurrency with the ninth most traded position in the broader crypto ecosystem. 

SHIB Development Team Talks About SHI Stablecoin 

Shiba Inu’s marketing lead, LUCIE, recently discussed implementing the SHI stablecoin, which Ryoshi introduced in 2021. This stablecoin is expected to be a game-changer for Shibarium, bringing stability and utility to the Layer-2 scaling blockchain. 

Based on the original idea, the potential stablecoin will likely be pegged at $0.01 to the USD. However, the specific mechanism is still under consideration. Should Shiba Inu pull through with this stablecoin,  USD-pegged USDT, and USDC may have a new rival in their niche.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making decision.