Shiba Inu, one of the most popular meme coins, is back in the spotlight of the crypto community after showing a sharp increase in burn rate.
Many cryptocurrency market participants have already stated that this burn rate indicates the popularity of the Shibarium token in the cryptocurrency ecosystem.
At the same time, a number of analysts note that the increase in the number of SHIBs burned also occurred against the backdrop of the price spike recorded by the token, which contributed to speculation on global cryptocurrency platforms, CoinGape reported.
According to the Shibburn platform, the burn rate of the SHIB token reached 421% in the last 24 hours. At the same time, the Shiba community has burned 5.31 million SHIB tokens during this period. This means that the total number of tokens burned from the original Shiba Inu offering now stands at 410.68 trillion.
It is worth noting that the crypto community was alerted to the two burn transactions, which resulted in the liquidation of 2.77 million SHIBs in the last 24 hours.
In addition, cryptocurrency market participants and Shiba supporters noted the achievements of Shibarium, a Level-2 project created by Shiba Inu, which recorded an increase in the number of daily transactions to 7 million. Currently, there are a total of 2.22 million blocks on the network's platform.
Shiba Inu is now priced at $0.00001030, which represents a 0.8% increase in the last 24 hours. On a weekly basis, the growth was 2.3%, and on a monthly basis, the growth was 22.3%.
The token has attracted a lot of investors and gained popularity among traders due to its steady price growth, which could help start a new bull rally for SHIB.
See also: BlackRock, Nasdaq, and the SEC held a second meeting on listing a spot Bitcoin ETF.