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Can SHIB Price Recover Despite 30,000% Spike in Shiba Inu Burn Rate?

“Shiba Inu burn rate increased by 30,000% in the last 24 hours due to two projects burning billions of SHIB. Is this a sign of a potential rally for SHIB’s price?”

The Shiba Inu burn rate has experienced a significant surge of over 30,000% in the past 24 hours, breaking out of the SHIB burn shortfalls that had been observed in the previous days. This remarkable increase in the SHIB burn rate was triggered by a wallet that burned more than 2 billion Shiba Inu tokens.

As a result of the $2 billion SHIB burned by the wallet connected to Blaze Token, the Shiba Inu price has risen, and traders have responded in kind. Can Shiba Inu make a comeback from its continuous trading volume drop amidst the hype surrounding rival meme coin PEPE?

Shiba Inu’s rate of burn has significantly increased

In the last 24 hours, the Shib burn portal reported that 2,259,598,377 Shiba Inu (SHIB) tokens were burned in 6 transactions, resulting in a burn rate increase of 30,940%. Major wallets burned SHIB to decrease the circulating supply to 574.12 trillion.

Blaze Token, a wallet owner, further contributed to the burn by swapping Ethereum (ETH) and burning 2,005,265,274 SHIB tokens. This was in line with Blaze Token’s earlier commitment to burn billions of SHIB tokens. Additionally, nearly 5 billion BLZE tokens were burned after the massive SHIB burn.

In addition to its previous announcement, CultPunks NFT has followed through on its promise to burn 246 million SHIB, representing 2% of the total SHIB supply, as part of its buyback and burn program. As part of its commitment to social responsibility, CultPunks NFT will also donate 1% of the burned SHIB to Shytoshi Kusama’s Women in Blockchain fund.

Also Read: The next era of MEME coins to watch out

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