‘Dogecoin Killer’ Shiba Inu Burn Rate Drops Over Last 24 Hours, Mirrors Decline In Price
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The number of Shiba Inu SHIB/USD tokens being burnt has significantly decreased over the past week amid a parallel surge in SHIB prices by nearly 15% in the last seven days.
What Happened: Shibburn, a social media handle on X that tracks the number of SHIB tokens being burnt, reported a 39.90% decline in the number of tokens burnt over the past week.
Over the last 24 hours, 22,346,657 tokens were burned, showing no change from the previous period.
The meme cryptocurrency is currently trading at $0.00002512, marking a 15.01% surge over the past seven days.
The total supply of Shiba Inu tokens is currently at 589,273,968,765,110, with a market cap of $14,784,402,651.
See Also: Shiba Inu Whale Accumulates 237B SHIB In One Transaction: Much In Store For The SHIB Army, Vows Lead Developer
Why It Matters: The recent surge in Shiba Inus price comes amid a series of significant developments in the Shiba Inu community.
Just a day ago, a whale accumulated 237 billion SHIB tokens in a single transaction, signaling confidence in the meme coins performance. This whale activity was accompanied by a 26% weekly surge in Shiba Inus price.
Earlier in the week, Shiba Inu also saw a 172% surge in its burn rate, coinciding with a notable rebound in SHIBs market price. This increase in token burn rate removed over 5 million SHIB tokens from circulation, sending them to a dead wallet where they can no longer be traded or accessed.
Price Action: Shiba Inu is currently trading at $0.00002512, reflecting a 7.90% decline in the last 24 hours. The coin has surged over 148% year-to-date. Meanwhile, its primary competitor, Dogecoin DOGE/USD , is trading at $0.1513, with a 6.66% decline in the last 24 hours and a 68.98% increase year-to-date.
Comparatively, the king of cryptocurrencies, Bitcoin BTC/USD , is trading at $64,221.70, showing a 0.05% decline in the last 24 hours and a 45.39% increase year-to-date, according to data from Benzinga Pro.
Read Next: Dogecoin, Shiba Inu And Other Memecoins Fueling Mass Adoption Of Bases L2 Network, Coinbase Exec Says: They Are Going To Be One Of The Biggest Drivers
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