The Shiba Inu meme coin’s burn rate soared nearly 300% today amid Shibarium’s notable breakthroughs. SHIB price notes an uptick. By Coingape Staff 1 hour ago
Story Highlights
- Shiba Inu burn rate soars roughly 300% today.
- The surge in burn rate runs alongside the community’s plans to revolutionize Shibarium.
- SHIB price jumps marginally, although derivatives data signal an uptrend for the token.
Amid the recent storm of breakthroughs witnessed by the meme coin Shiba Inu, another monumental achievement is garnering notable attention among crypto market enthusiasts across the globe. Shiba Inu’s remarkable burn rate surge noted today, February 20, appears to propel market optimism for the Ethereum-based meme coin across the broader crypto market.
As per insights offered by the burn tracker Shibburn, a whopping 298.21% surge in the SHIB burn rate sparked immense curiosity among crypto market traders and investors. With 2.03 million SHIB incinerated over the past day, the Shiba Inu community continues to ramp up efforts aiming to jack up the SHIB tokenomics.
Meanwhile, the Shiba Inu coin traded with heightened volatility today. However, it traded in the green as of press time, mirroring the impact of the surge in SHIB burn rate. The derivatives data for the meme coin further hinted at an uptrend in the market, birthing speculations over its run ahead.
SHIB Burn Upswing Coincides With Community’s Promises
According to the data revealed by Shibburn, with the colossal burn surge today, the Shiba crypto community jots down the incineration of a staggering 410.708 trillion SHIB from the token’s total initial supply. Currently, the total circulating supply equals 581.424 trillion SHIB, showcasing the massive impact of SHIB burn, as seen in the token’s reduced supply in the market.
Intriguingly, the surge in burn rate witnessed today goes hand in hand with the Shiba crypto community’s recent announcements, as also revealed in the Shib magazine. Reportedly, the Shiba crypto community plans to introduce an array of new features for Shibarium, Shiba Inu’s L2, that facilitates SHIB burn along with transactions on the network. This sparked immense optimism for the Shiba Inu token as its ecosystem further revolutionized its cryptographic venture.
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In the interim, the meme coin’s community also revealed the imminent launch of KNINE and SHEboshi, further jacking up SHIB’s tokenomics across the crypto realm. KNINE is the liquid staking derivatives token on Shibarium, whereas SHEboshi positions itself as an ERC-404 token, a semi-fungible token.
The community’s noteworthy looming advancements were further mirrored by Shibarium today, as its daily transactions hit 3 million. Moreover, Shibarium’s TVL, as per DeFiLlama, neared the $1 million mark again, birthing optimism for the token.
Shiba Inu Price Soars
As of writing, the Shiba Inu price noted a marginal jump of 0.75% over the past 24 hours and is currently trading at $0.000009871. The price chart showcased that the meme coin traded primarily in the green today, although the token also briefly traded in the red.
The upward movement portrayed by Shiba Inu falls primarily in line with the upswing in burn rate, as the supply continues to plunge with tokens being destroyed. With the community’s recent advancements further coming into play, crypto market enthusiasts expect to see bolstered prices shortly ahead. The derivatives data for Shiba Inu also signals an uptrend in the market, when synced up with the jump in price. The open interest rose 2.69%, reaching $29.51 million, whereas volume jumped 51.94%, reaching $45.65 million.