Shiba Inu, often dubbed the “Dogecoin killer,” ignited fresh investor optimism on Friday as the SHIB burn rate skyrocketed by a jaw-dropping 33,000%. This surge in the burn rate has fueled a positive sentiment in the broader meme coin market, with SHIB’s price jumping by over 21% in the past 24 hours.
SHIB Burn Rate Hits Record High
According to Shibburn data from September 27, a staggering 1.88 trillion SHIB coins were burned in the past day, marking a 33,818% increase in the burn rate. The total SHIB supply has now decreased significantly to 589.26 trillion. A significant portion of the burn came from a single address (0x4ba…), which sent 1.87 billion SHIB to a burn wallet. This massive reduction in circulating supply appears to have catalyzed a bullish price rally for Shiba Inu.
SHIB Price Soars Alongside Meme Coin Market
The impact of the burn was immediately reflected in SHIB’s price, which surged from a 24-hour low of $0.0000163 to a high of $0.00001935. At the time of writing, SHIB is trading at $0.00001932, up 21% on the day. The trading volume also saw a remarkable 223% increase, reaching over $1.4 billion as traders jumped in to capitalize on the sudden momentum.
Bullish Sentiment Across Meme Coins
The bullish sentiment spread throughout the meme coin sector, with Dogecoin (DOGE) and Pepe Coin (PEPE) also experiencing significant gains. Dogecoin saw an 11% rise to $0.1233, while PEPE gained 18%, trading at $0.00001022. However, Shiba Inu has led the market in terms of gains, asserting its dominance among dog-themed tokens.
The remarkable surge in SHIB’s price, driven by the exponential burn rate, has put the spotlight back on the meme coin, demonstrating its resilience and ability to capture investor attention.
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