Shiba Inu is a cryptocurrency that has gained sizable attention in the past few years. As the second-largest meme coin in the cryptocurrency market, Shiba Inu has a total market capitalization of $7.5 billion. The development team behind Shiba Inu has undertaken initiatives such as coin burns.
The Shiba Inu burn rate has been subject to fluctuations, with some days witnessing higher numbers while others show a decline. However, in recent times, the burn rate has been notable, with millions and billions of SHIB burned on certain days.
According to the latest details from Shibburn, the SHIB burn rate has skyrocketed by 30,187% amidst positive market conditions.
Also read: Ripple: XRP Surges to $0.6: Eyes $1 Next
Shiba Inu burn rate soars by 30,187%
Shibburn data shows that 3,759,043 SHIB have been sent to dead wallets in the last 24 hours. The spike in the burn rate has provided the SHIB community with relief from the slumping burn rate.
The surge in burn rate comes at a time when SHIB is performing better in comparison to the past few weeks. Shiba Inu is up by 33.4% in the last seven days and 40.2% in the last 30 days.
Also read: Ethereum: Your ETH Investment in Nov 2022 Would Be Worth This Much
Shiba Inu’s price currently stands at $0.0000127, with an 8.7% drop in value over the last 24 hours. According to Changelly analysts, SHIB is expected to trade at a minimum of $0.00001355 and a maximum of $0.00001415 this weekend. Experts predict that the SHIB is unlikely to hit $0.00002.
SHIB has plunged in value over the last 24 hours, while BTC has dropped in value by almost 3%. The possibility of SHIB hitting $0.00002 in March is unlikely. According to the analysts, SHIB is likely to hit $0.00002 by mid-2025. However, it could all change if BTC puts on another rally, surpassing its all-time high.
