Shiba Inu, a cryptocurrency inspired by the renowned dog breed, has recently made headlines due to its brisk popularity and erratic price changes. According to data published recently by tracking site Shibburn, the SHIB community has burned an astounding 4,846,823 SHIB in the last 24 hours, increasing the burn rate by 384%.
Shibburn announced this on their official Twitter account, where they also revealed that, despite the recent increase in burn rate, the overall amount of SHIB burned over the previous week has been much lower. In fact, just 21,184,222 SHIB were burned in the previous week, a 93.48% decrease over the previous week.
This information was also supported by the platform's hourly SHIB update, which showed that the SHIB price had climbed by 0.29% in the last 24 hours, while the market cap had increased by 0.48%.
Shiba Inu's popularity has been spurred in part by the growing interest in meme-inspired cryptocurrencies, with many investors hoping to profit on the success of other coins such as Dogecoin. Despite its rather controversial image in the cryptocurrency community, SHIB has amassed a sizable fanbase and is now listed on major exchanges such as Binance and Coinbase.
However, some investors are concerned about SHIB's high burn rate and the recent decrease in the total amount of burned tokens. While the increase in burn rate may indicate strong demand for SHIB, the lack of consistency in the amount of tokens burned may make forecasting the coin's future price movements difficult.
Before investing in any cryptocurrency, investors should always exercise caution and conduct their own research. Because the cryptocurrency market is notorious for its volatility, it's critical to stay informed and prepared for any potential risks.