One of the leading meme coins Shiba Inu This week’s burn rate spike has once again fueled frenzy sentiment in the broader crypto market.
According to the graphs and data announced by Shibburn, there has been a significant increase in the SHIB burning rate in recent days.
On the other hand, the price of the meme coin could not parallel the increases in these burn rates. In addition, significant whale activity also weighed on SHIB’s tokenomics.
Shiba Inu Burns
Koinfinans.com As we have reported, the Shiba Inu appears to be attracting the attention of traders and investors globally.
First, the continuous increases in the SHIB burning rate have attracted attention in recent days. The burn rate initially increased by 232.85%, then by 459%, and finally by a staggering 4250.91%, attracting attention in the broader crypto market. In parallel, the community has burned 410.708 trillion SHIB from the token’s initial circulating supply to date.
In addition, Shibarium, the layer 2 blockchain powered by Shiba Inu, also hit new highs. Daily transactions on the network appear to be relatively low. However, the total number of transactions reached 308.07 million, clearly demonstrating the increased activity on Shibarium.
On the other hand, amid the above-mentioned developments, whale transactions also increased this week. Reportedly, nearly 4 trillion SHIBs in motion caught the attention of crypto market enthusiasts this week.
Shiba Inu Price Drops
meme coin Its price has decreased marginally by 0.40% in the last 24 hours. It is currently trading around $0.000008901. Additionally, meme coin also witnessed a 5.57% decline on the weekly chart and a 17.43% monthly decline.
What is interesting is that this meme coin experienced this price drop despite its huge burn rates. Therefore, the community continues to eagerly wait for the meme coin price to rise.
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