With a market capitalization of $4.32 billion, Shiba Inu (SHIB) is the 15th largest altcoin and the second largest memecoin. The burning rate of SHIB has surpassed 177.8 million SHIB in the last 24 hours, marking an increase of over 323%. The rapidly increasing burning rate of SHIB, supported by Shibarium, the Layer 2 network recently introduced by Shiba Inu, has caught the attention of investors and sparked excitement among them. However, despite this excitement, the rest of the cryptocurrency market continues to be under selling pressure, forcing SHIB to trade in the red zone.
The Exciting Increase in SHIB's Burning Rate
Data provided by Shibburn, a platform that tracks SHIB's burning rate, shows that over 177.82 million SHIB has been burned in the last 24 hours, with a 323.81% increase in the burning rate. The latest data reveals that 4.6 million SHIB has been burned from a single wallet.
The largest burning transactions recorded in the last 24 hours were conducted through two wallets, burning 68.99 million and 41 million SHIB respectively. The burning rate in SHIB plays a significant role in reducing the circulation of tokens, decreasing the total supply, and increasing the value of the remaining tokens. However, despite the increasing burning rate, the price of SHIB is currently trading at $0.000007344, down 1.30%. Nevertheless, investors are closely monitoring the altcoin due to its rising burning rate.
What's Next for Shiba Inu (SHIB)?
As the Shiba Inu community continues to burn tokens at record rates, developers are working to increase the project's impact on decentralized finance (DeFi). The passion within the community is evident in active discussions on Reddit, Twitter, and other social media platforms.
Furthermore, the community's dedication extends to charitable initiatives, including donations to animal shelters. The community consistently demonstrates unwavering support for Shiba Inu.
Considering all these factors, some market participants are optimistic about the future of the altcoin and are acting with the expectation of a strong price increase in the near future. However, the current volatile market conditions are forcing many investors to stay on the sidelines.