Shiba Inu, the world’s second largest meme crypto registered a major price surge ahead of the Shibarium launch and recent partnerships. SHIB prices have spiked by a whopping 67% over the past 30 days. However, SHIB burn rate has dropped by more than 99% over the past 24 hours which reflects a low enthusiasm among the SHIBarmy.
SHIB burn rate plunges: What’s wrong?
Despite the recent price surge, the SHIB burn rate hasn’t performed well in comparison with the price. According to Shibburn, a tracker of removed Shiba Inu tokens, over the past 24 hours, the burn rate of SHIB has gone down by 99.13%.
The meme coin has maintained a positive streak of SHIB burns since the beginning of 2023, but not all days are gold. The reason behind the drop could be short-term traders gradually losing interest in the aforementioned meme coin. However, many meme coin lovers believe the launch of Shibarium might help them burn more SHIB, which can provide a boost to the burn rate.
Shiba Inu Towards the Bull Run
At press time, SHIB is trading at $0.00001411, with a 20.59% gain in value over the past seven days. With a market capitalization of $7.75 billion and the circulating supply is approximately $505,499,973 SHIB as per the crypto market tracker CoinMarketCap.
On February 04, 2023, WhaleStats reported that SHIB has amassed a large investor following since its creation in August 2020, and is now the most traded cryptocurrency among the top 1,000 Ethereum whales. The meme coin has successfully managed to retain the largest place in terms of dollar valuation.
Also Read: When Is Shibarium Launch? Shiba Inu Lead Dev Drops Hints
Disclaimer: The information provided in this article is solely the author’s opinion and not an investment advice – it is provided for educational purposes only.