Shib burn rate has seen a staggering rise in the past 24 hours after staying down in red for long
Shib burn rate spikes more than 7000%: Shiba Inu (SHIB), the second most popular meme coin, has been making waves in the cryptocurrency world, skyrocketing in recent months. One of the latest developments with SHIB is its burn rate, which has increased by 7,222% in the past 24 hours.
According to the data on the Shibburn website, the burn rate of Shiba Inu ($SHIB) has experienced a massive surge of more than 7000% in one day. To reach this number, the SHIBarmy burned 410,651,510,084,189 SHIB tokens.
Eight major transactions have led to an increase in the number. The surge in the burn rate suggests that there is increasing demand for the token.
SHIB was up 4.49% in the last 24 hours to $0.00000826 at the time of writing. The token is also up 12.92% in the last seven days. The crypto market received a positive boost on July 14 after a judge ruled that XRP, being a digital code, is not a security. The news lifted hopes in the market as crypto investors exhaled a sigh of relief that other altcoins may not be considered securities after all.
Due to the increased adoption of Shibarium, the Shiba Inu (SHIB) ecosystem has seen a surge in network activity and the number of transactions. Recently, Puppyscan’s data revealed that the total transactions on Shiba Inu’s Layer-2 blockchain network have reached 26 million.
The number of new Shiba Inu addresses has also risen by 7,790 in the past week, indicating new users are joining the network. The Shiba Inu community hopes these developments will boost SHIB’s price more.
