Shiba Inu, one of the most eminent meme coins built atop the Ethereum blockchain, gained phenomenal traction within the broader crypto market on Friday as the token witnessed a colossal surge in its burn rate. This remarkable upsurge soon nabbed noteworthy attention among crypto market enthusiasts globally, as it surfaced amid a significant price jump noted by Shiba Inu.
Moreover, aligning with the surge in SHIB burn rate, the meme coin seems to have witnessed three substantial burn transactions, collectively burning millions of SHIB over the past 24 hours. Meanwhile, Shibarium, a layer-2 blockchain fostered by Shiba Inu, also scaled new summits, garnering notable attention globally.
According to the data unveiled by Shibburn, a platform streamlining SHIB burning insights, the burn rate recorded a whopping 2274.64% surge over the past 24 hours on January 5, 2024. Furthermore, the Shiba community registered a staggering 5.20 million SHIB coins burnt during this period.