- Shiba Inu’s burn rate has surged 860% in the last 24 hours.
- SHIB trading with four weeks of green candles in a row.
While the ‘SHIB Army’ anticipated the layer 2 blockchain “Shibarium” launch, the Shiba Inu burn rate skyrocketed 860%. The Shiba community actively tries to increase the token value by the burning mechanism, which is to remove SHIB from circulation. According to the SHIB burn tracker Shibburn, over 22 million SHIB tokens have been burnt in the last 24 hours by the Shib community.
Shiba Inu Efforts to SHIB Army
Since the start of 2023, the global crypto market showing a sign of recovery after a prolonged 2022 bearish momentum. As the dog-themed cryptocurrency SHIB made the headlines with its new layer 2 scaling solution Shibarium. Also, the meme coin whistles the social media with new updates such as the metaverse project, which is about to happen in the year. Further, Shiba Inu ranked as the second safest crypto project in the web3 space as per the leading security-focused ranking platform Certik.
The price of SHIB also dramatically soared with four weeks of ‘green candles’ in a row due to the SHIB burn rate surge. At the time of writing, the second-largest meme crypto traded at $0.00001193, which increased by over 12% in the last 14 days. Additionally, SHIB climbed by around 50% in the preceding month, according to CoinGecko. But SHIB’s price decreased by 1% in the last 24 hours. And it has a 24-hour trading volume of $263 million with a market cap of $7 billion.
Moreover, Shiba Inu’s rival Dogecoin (DOGE) also trading with a notable price surge. DOGE traded at $0.086276, which increased approximately 26% in the last 30 days.
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