Shiba Inu (SHIB) Burn Rate Spikes 1393% in 24 Hours, Propelling Price Increase

The world's second-largest memecoin, Shiba Inu SHIB/USD, witnessed a massive spike in its burn rate in the last 24 hours, contributing in part to the cryptocurrency's price increase.

output: SHIB Burn Rate Skyrockets 1393% as Shibarium Transactions Multiply

The world's second-largest memecoin, Shiba Inu (CRYPTO: SHIB), witnessed a massive spike in its burn rate in the last 24 hours, contributing in part to the cryptocurrency's price increase.

What Happened: About 301.68 million SHIB tokens were burned out of circulation, according to the official burn tracker, Shibburn, with a 1393% spike in the burn rate.

Coin burning occurs when a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation. This is done to create scarcity and boost its market value if demand stays strong.

More than 918 million SHIBs were burned in June across 237 transactions, marking a 148% spike from the previous month. As of this writing, nearly 410.72 trillion tokens have been burned.

See Also: ‘Rich Dad Poor Dad’ Author Robert Kiyosあきば経済新聞 - SHIB Burn Rate Spikes 1,393% as Shibarium Transactions Multiply - Benzinga Paywall

The above data was supported by findings from on-chain analytics firm IntoTheBlock, which revealed an 181% jump in large transaction volume. Moreover, SHIB's daily active addresses rose by 65% in the last 24 hours.

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