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The self-described "Killer of Dogecoin," Shiba Inu, once again garnered a lot of momentum in the wider cryptocurrency market on Monday due to a notable increase in the token's burn rate. Shibburn's data, which showed a 200% increase in the meme coin's burn rate in the last 24 hours, attracted a lot of attention worldwide.
According to Shibburn's research, it appears that the majority of the SHIB destruction was caused by the meme currency community itself.
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Report on SHIB Burns
The data released by Shibburn, a website that facilitates insights into Shiba Inus burning, shows that as of today, January 22, the burn rate increased by 232.85%. In addition, the total amount of coins burned in the last 24 hours was 46.60 million, which aroused a great deal of interest among enthusiasts for the cryptocurrency market.
However, through a sequence of two transactions to dead wallets, the Shiba cryptocurrency community itself contributed to today's massive SHIB burning event. In response to this, during the initial transfer, the community moved an astounding 13.63 million SHIB to a dead wallet. In another deal, it moved an incredible 30.46 million SHIB at the same time.
This seems to have given traders and investors a great deal of excitement as the community moves forward with its goal of increasing SHIB tokenomics. Market charts for the meme coin, however, revealed a different picture of public opinion.
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Shiba Inu Price Drops
The Shiba Inu price chart, as of this writing, is trading at $0.000009197 after declining 3.27% during the previous day. Additionally, its trading volume and market cap showed significant drops as well, plummeting 21.39% and 3.27%, respectively.
Furthermore, the weekly chart showed a decline of 5.03%, which was followed by a monthly decline of 14.84%. However, prices are anticipated to rise shortly given the recent massive burning record.