Shiba Inu Burn Rate Spikes 30,000%; Can SHIB Price Make A Comeback?

Shiba Inu burn rate skyrocketed by over 30,000% in the last 24 hours, finally coming out of the SHIB burn shortfalls in the last few days. The major jump in the SHIB burn rate came after a wallet burned over 2 billion Shiba Inu tokens.

The Shiba Inu price rose as traders immediately respond to the $2 billion SHIB burned by the wallet linked to Blaze Token. Will Shiba Inu make a comeback from continuous downfall in trading volume amid the hype surrounding rival meme coin PEPE.

Shiba Inu Burn Rate Skyrockets

According to the Shib burn portal, 2,259,598,377 Shiba Inu (SHIB) tokens were burned in 6 transactions in the last 24 hours. The Shib burn rate rises 30,940% as major wallets burned SHIB to decrease the circulating supply to 574.12 trillion.

A wallet belonging to Blaze Token burned 2,005,265,274 SHIB after swapping Ethereum (ETH). Blaze Token earlier committed to burn billions of SHIB tokens. It also burned nearly 5 billion BLZE tokens after the massive SHIB burn.

2 BILLION $SHIB BURNT AND 5 BILLION #BLZE BURNT!!

THIS IS JUST THE START!!!

BUY #BLZE BURN #SHIB!!!

LIKE AND RETWEET! pic.twitter.com/EuZmbOXLrU

— Blaze Token (@blaze_token) May 2, 2023

In addition, CultPunks NFT burned 246 million SHIB as promised earlier to 2% in buyback and burn SHIB. It will also send 1% to Shytoshi Kusama‘s Women in Blockchain fund. 

MORE BURNS 🔥

As promised, we have just burned another 246M of $SHIB AND 324M of $CULT 🤝

We will also be sending 1% to @ShytoshiKusama‘s Women in Blockchain fund (when they send over the address)!#CultPunks benefits EVERYONE 🤫 pic.twitter.com/fQGuhgXjYz

— CultPunks (@cultpunksnfts) May 2, 2023

Also Read: Shiba Inu’s Shytoshi Kusama Can Ask Binance To List BONE, Here’s How

Can SHIB Recover Amid PEPE Hype

Pepe coin (PEPE) is witnessing amazing hype, beating major meme coins such as Shiba Inu and FLOKI in terms of trading volumes. In the last 24 hours, PEPE has recorded $264 million in trading volume, surpassing all meme coins.

PEPE price is $0.000001073, down 16% in the last 24 hours after a 500% rally in a week. Meanwhile, SHIB price jumped 1% to $0.00000994, with a trading volume of $91 million in the last 24hrs.

Also Read: South Korea’s Largest Exchange Joins The SUI Token Hype

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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