A significant amount of Shiba Inu (SHIB) has been burned in transactions over the last 24 hours. SHIB has gained nearly 4% in the last day, making it the second highest gainer among large crypto by market cap, trailing only Dogecoin (DOGE).
SHIB is currently trading in the positive territory, with a 24-hour high of $0.00001144 and a low of $0.00001057. Following a sharp drop last week, the token is now on the rise.
In 24 hours, Over 25 million SHIB were burned in the 24hrs
Because of the Shiba Inu army’s consistent burning of SHIB tokens, the token’s burn rate has increased by more than 20% in the last 24 hours. According to Shibburn, the Shiba Inu burn tracker, a total of 25,767,627 SHIB tokens have been burned in the last 24 hours via eight separate transactions.
SHIB super store, a themed SHIB product, burned the most tokens during its weekly burn event of the eight transactions. Within the last 24 hours, the store reported 9.5 million SHIB tokens burned in a single transaction.
In addition to the burned tokens, the SHIB superstore reported 9.4 million Shiba Inu tokens distributed to the community as a reward. This move, according to the platform, is a “advancement in community support and encouragement in the ongoing event of burning SHIB.”
Since then, the SHIB superstore has been a key player in the weekly SHIB burn events. Since September 2021, the store has consumed 3.48 billion SHIB and distributed approximately 314 million SHIB to the community through its burn and earn program.
SHIB superstore burned over 6.7 billion SHIB in 540 distinct transactions as of last month.
Shiba Inu Rally Continues
Despite the fact that the total amount of SHIB burned over the past week is significantly greater than the total amount of SHIB burned in the previous few days, the SHIB price has risen from a low of $$0.00001057 seen earlier today.
SHIB is currently in a bullish trend, mirroring the price action of DOGE. Over $400 million has been added to the asset’s market cap in the last 24 hours, increasing it by nearly 4%. At the time of writing, the SHIB market cap was $6.7 billion.
Interestingly, despite its surge, the asset’s trading volume hasn’t changed much since earlier today at the time of writing. SHIB’s 24-hour trading volume is currently $291 million.
Meanwhile, DOGE has risen by 17% in the last 24 hours, registering a double-digit gain. The asset is currently trading at $0.0914, has a market capitalization of 12.9 billion, and a 24-hour trading volume of $1.8 billion.