Shiba Inu The burn rate increased by 1677% in the last 24 hours, resulting in more than 131 million tokens being burned. One transaction in particular made a significant contribution to the burn rate by removing more than 123 million tokens from circulation.
Despite the increase in the slaughter rate, the Shiba Inu price has declined, falling 3.2% in the last 24 hours. However, the token is up over 11% on the 14-day charts and over 25% over the previous month.
The cryptocurrency market has recorded a correction in the last 24 hours. Bitcoin (BTC) fell 1% on daily charts, while Ethereum (ETH) fell 0.7% in the same time frame. Solana (SOL) is down over 4%, while Avalanche (AVAX) is down over 6% in the same time frame.
SHIB its price has faced difficulties throughout much of 2023. Since January, the token has only gained about 28%. meme coin‘s, in general, fell behind expectations this year. SHIB’s main rival, Dogecoin, is up just over 32% in the same time frame. Other altcoins attracted attention by performing better. Solana (SOL), for example, is up over 1000% since January 2023.
However, things have the potential to change very soon for the popular meme coin. If the cryptocurrency market enters another bull run next year, the Shiba Inu could post a meteoric rise in price.
As Koinfinans.com reported, the developer team is working on several new initiatives for the SHIB ecosystem. The initiative will focus on increasing burns and driving greater adoption. The project also launched its layer-2 network earlier this year. While the launch may not immediately raise the SHIB price, it could lead to more applications on the network.