In the past 24 hours, the Shiba Inu burn rate has gone up by an astounding 26450.27%

Shiba Inu Burn Rate Spikes Nearly 27000%: Shiba Inu (SHIB), the second most popular meme coin, has been making waves in the cryptocurrency world, with its popularity skyrocketing in recent months. One of the latest developments with SHIB is its burn rate, which has gone up by an astounding 26450.27%.

According to the data on the Shibburn website, the burn rate of Shiba Inu ($SHIB) has experienced a massive surge of nearly 27,000% in the last 24 hours. To reach this number, the SHIBarmy burned a total of 3,034,309,519 SHIB tokens.

There have been two major transactions that led to the increase in the number. To reduce the supply of the meme crypto, one transaction shows a burn of 3,016,073,367 SHIB tokens. The surge in the burn rate suggests that there is increasing demand for the token.

However, the Shiba Inu price has registered a marginal drop of 0.79% in the past 24 hours. SHIB is trading at an average price of $0.000008818, at the time of writing. Also, its one-day trading volume has declined by 8.65% to stand at $87,075,192. Shiba Inu holds a market capitalization of $5,198,817,716.

Shiba Inu aims to be the Ethereum-based counterpart to Dogecoin's Srypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM). These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 US$.

Shiba's success sparked an avalanche of copycats, such as BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and countless others. In total, there may be well over 100 Shiba Inu copies, and the number keeps rising constantly.