Shiba Inu (SHIB) Burn Rate Shoots up 33,818%, What's Going On?

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The Shiba Inu (SHIB) burn rate has skyrocketed by a massive 33,818%, the largest surge recorded in the past few months. Per data from Shibburn, this burn rate has led to a total of 1,884,288,401 SHIB torched, the most significant 1-day burning recorded this quarter.

Shiba Inu is Back

Shiba Inu remains one of the most watched tokens in the market and arguably the best-performing token in the top 100 today. As of this writing, the price has skyrocketed by more than 14% to $0.00001937, slightly lower than the intra-day high of $0.00001967.

According to the current market outlook, the SHIB 24-hour trading volume has skyrocketed by over 124% to $1,350,670,820 as trader sentiment enters a new level. With the latest burn rate surge, 410,730,725,592,430 SHIB has been sent to dead wallets since the token’s inception.

SHIB Burn Rate. Source: Shibburn

With this, the Shiba Inu project still has a total circulating supply of 583,500,849,670,245 SHIB. The memecoin project is implementing different avenues to reduce this supply, with the latest being the launch of ShibTorch, a burn portal on Shibarium.

This 1.8 billion SHIB incinerated is the best performance that ShibTorch has recorded since its launch in August.

SHIB Amid Memecoin Competition

Shiba Inu is looking to reinstate its influence in pursuing Dogecoin (DOGE), the dominant memecoin in the industry. Per their 24-hour price changes, SHIB’s surge has surpassed its rivals, as its 15% surge dwarfs DOGE’s 8% and PEPE’s 8.8% rally.

However, PEPE is notably outshining, having rallied by more than 17% in 24 hours. At this rate, PEPE has finally cleared one zero, as teased in an earlier U.Today report. 

Shiba Inu remains a reference token in the memecoin ecosystem, and its metrics show sentiment is growing overall.