Shiba Inu initiates an upward rally; SHIB’s burn rate exceeds 1300%.

Shiba Inu’s burn rate has increased by more than 1390% in the last 24 hours, according to data shared by the SHIB burn website. The massive burn rate is linked to both the planned debut of the Shibarium Layer 2 blockchain system earlier this year and the return of whales.

According to data from the Shibburn website, a total of 410,384,426 SHIB tokens were burned in the last 24 hours. This figure represents a 1395.89% increase over the previous day’s burn rate. There were 4 major transactions that led to the increase in this number.

Shiba Inu increases by 4.44% in the last 24 hours after burning. Each SHIB token is worth $0.000008793.

SHIB burning continues

There has been an increase in SHIB’s burn rate since last month. During the bear market, the whales sold Shiba Inu tokens. However, they now seem to be coming back as the market situation is improving.

Massive burning will lead to higher prices as there will be fewer tokens in circulation. In an attempt to reduce the supply of crypto memes, one transaction shows a burn of 14,999,999 SHIB tokens.

Looking at clues from lead developer Shytoshi Kusama and the official Shiba Inu Ecosystem Twitter account, SHIB Army predicts Shibarium’s debut in the early months of this year.

Dogecoin jumps more than 4%

The other crypto meme, Dogecoin, has seen a massive jump of 4.66% in the last 24 hours. Each DOGE token costs $0.07506. Trading volume increased by 139.31% compared to the previous day.

BONK, the first crypto meme on the Solana blockchain, is down 18.28% in the last 24 hours. Trading volume has fallen 6.55 per cent. The launch of BONK had been responsible for driving up the price of the Solana token over the past week.

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