Shiba Inu's burn rate jumped by 1547% in the last 24 hours, according to Shibburn data, with about 13.29 million SHIB tokens removed from circulation.
Daily Surge in Shiba Inu Token Burns
According to Shibburn, a sharp increase in burn rate was noted on Monday. Approximately 13.29 million Shiba Inu tokens were taken out of circulation within 24 hours. A significant contribution came from the wallet address ‘0x541f60e5576764’, which accounted for burning 12.13 million tokens, most of the day's activity.
Weekly Metrics: Ongoing Activity
Aside from the daily figures, last week's metrics were notable as well. In total, 527.54 million tokens were permanently removed over the past seven days. This caused a 465.59% increase in the weekly burn rate, indicating sustained market interest.
SHIB Price Rises Amid Burn Increase
The increased burn rate led to a 2% daily rise in SHIB's price, reaching $0.00001328 during the reporting period. Within the past 24 hours, SHIB's price fluctuated between $0.0000126 and $0.00001378, resulting in nearly an 8% weekly gain. Analysts like Javon Marks reaffirm their bullish price targets., pinpointing $0.000081 as the next target, suggesting a potential 500% increase.
The sharp rise in Shiba Inu's burn rate underscores strong interest in the meme coin market. Despite the large circulating supply, there is significant potential for price growth and further developments.
