The Shiba Inu ( $SHIB ) burn rate has skyrocketed by a massive 33,818%, the largest surge recorded in the past few months. Per data from Shibburn, this burn rate has led to a total of 1,884,288,401 SHIB torched, the most significant 1-day burning recorded this quarter.
🔥Shiba Inu is Back
Shiba Inu remains one of the most watched tokens in the market and arguably the best-performing token in the top 100 today. As of this writing, the price has skyrocketed by more than 14% to $0.00001937, slightly lower than the intra-day high of $0.00001967.
According to the current market outlook, the SHIB 24-hour trading volume has skyrocketed by over 124% to $1,350,670,820 as trader sentiment enters a new level. With the latest burn rate surge, 410,730,725,592,430 SHIB has been sent to dead wallets since the token’s inception.SHIB Burn Rate. Source: Shibburn
With this, the Shiba project still has a total circulating supply of 583,500,849,670,245 SHIB. The memecoin project is implementing different avenues to reduce this supply, with the latest being the launch of ShibTorch, a burn portal on Shibarium.
This 1.8 billion SHIB incinerated is the best performance that ShibTorch has recorded since its launch in August.
🔥 SHIB Amid Memecoin Competition
Shiba Inu is looking to reinstate its influence in pursuing Dogecoin ( $DOGE ) the dominant memecoin in the industry. Per their 24-hour price changes, SHIB’s surge has surpassed its rivals, as its 15% surge dwarfs DOGE’s 8% and PEPE’s 8.8% rally.
However, PEPE is notably outshining, having rallied by more than 17% in 24 hours. At this rate, PEPE has finally cleared one zero, as teased in an earlier U.Today report.
Shiba Inu remains a reference token in the memecoin ecosystem, and its metrics show sentiment is growing overall.
