Shiba Inu (SHIB) is seeing a sharp increase in burn rate today as this crucial indicator has increased by another 13,150% over the previous day. With more over 5 billion SHIB burned so far in April, precise records of this burn rate indicate that this tremendous expansion constitutes one of the most ambitious for the meme coin ecosystem this month.
Possible SHIB burn triggers
According to statistics on burn rates, more than 95% of all SHIB tokens delivered to dead wallets originate from a single address.
While this is interesting, it’s possible that a whale transferring a significant amount of SHIB on-chain caused the fire event to concentrate. Shibburn has not provided any more information, hence it is assumed that the transaction originated from the Shibarium Puppynet testnet.
In recent years, the Shiba Inu burn incident has scarcely resulted in a price increase. Even though this is meant to have a significant effect, Shiba Inu’s price rise has had to be significantly restrained due to the industry’s general outlook.
Shiba Inu is now trading at a spot price of $0.000008756, down more than 11.5% over the previous week and 2.52% over the last 24 hours as of the time of writing.
Highlight on competing meme coins
Shiba Inu and Dogecoin (DOGE) have lost a lot of retail traders’ attention over the past several weeks as other players have taken the lead. The leading newcomer among these is the frog-themed meme currency PEPE.
The impact of PEPE was so great that even Binance exchange rejected its neutrality and last week listed the asset for trading on its platform in an effort to accommodate its customers’ demands. PEPE continues to remain the main focus for institutional and individual investors, pushing SHIB’s importance to the side.
SHIB has longer-term sustainability and is still the second-largest meme coin, which is its primary draw for the time being.
