SHIB Burn Surges 500,000% As Shiba Inu Price Jumps

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Coingape Staff
5 hours ago
24/7 Cryptocurrency News, Altcoin News

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Shiba Inu (SHIB), an Ethereum-based altcoin, is once again capturing noteworthy attention within the cryptocurrency space amid increasing burn activity and a price upswing.

The SHIB community appears to be actively burning substantial amounts of SHIB, notably surging in the last 24 hours as of today, November 27.

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Moreover, amid the community’s ongoing efforts to rally support for the cryptocurrency, the Shiba Inu price also experienced a minimal surge at the time of writing.

This recent upswing in price falls in line with the community’s recent endeavors, illustrating the complex burning of SHIB coins within broader markets.

Crypto market investors and enthusiasts closely monitor the Shiba Inu price flux as the token continues to navigate its position in the cryptocurrency landscape.

SHIB Burn Report

According to recent data disclosed by Shibburn, a platform offering SHIB burn insights, the Shiba Inu burn rate surged phenomenally, noting a 499416% upswing in the last twenty-four hours.

As of writing, a whopping 264.20 million SHIB were burnt over the past day. Furthermore, the amount of SHIB coins burnt from its initial supply totaled 410.66 trillion, nabbing significant attention within broader crypto markets.

Interestingly, a transaction that caught the eyes of crypto market enthusiasts today was a colossal transfer of SHIB to a dead wallet. As per the data, the wallet address, 0x95ad…3e43, burnt a whopping 261.40 million SHIB approximately 2 hours ago.

The constant burning of tokens over the past few days comes forth as a result of the Shiba crypto community’s effort to build up support for their token.

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Shiba Inu Price Report

At the time of writing, the Shiba Inu price witnessed a slight upswing of 1.64%, reaching $0.000008519 today. However, over the past twenty-four hours, the token appears to experiencing quite frequent price fluxes.

Furthermore, the Shiba Inu price also noted a weekly plunge of 2.26%, as per market charts.

Besides, the token witnessed a 49.21% increase in trading volume over the past twenty-four hours, reaching $160.37 million today, along with a marginal surge of 1.65% in its market cap.

The price surge witnessed by the token appears to come concurrent with the recent burning of colossal amounts of tokens, resulting in the cryptocurrency portraying bullish market sentiments within the broader crypto markets. The meme coin is yet again eyed by many market enthusiasts as it showcases a positive outlook for the future.

Also read: XRP Lawyer John Deaton Reprimands Jay Clayton, Bill Hinman, Gary Gensler

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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