Shiba Inu Burns 11 Million SHIB, Sparking Price Surge and Investor Interest
- Shiba Inu (SHIB) surged 3% in the early hours of Wednesday.
- Token burn announcement triggered the latest spike in SHIB’s price.
- Shiba Inu burned over 11 million SHIB in the past 24 hours.
Shiba Inu (SHIB), the popular memecoin, experienced a 3% surge in the early hours of Wednesday, prompting speculation among investors and analysts about a potential sustained price rally.
The price surge saw SHIB jump from an opening price of $0.00001774 to $0.00001806, according to TradingView data.
A closer observation revealed that many crypto and memecoin users believe a recent SHIB burn announcement may have triggered or contributed to the noticeable rally in the memecoin’s price. In a recent post on X, Shibburn revealed that Shiba Inu burned over 11 million SHIB in the past 24 hours.
According to Shibburn, the Shiba Inu burn rate skyrocketed over 6,000%, with a single address burning approximately 8.56 million SHIB across multiple transactions. The memecoin project executed the recent burn exercise across ten wallet addresses.
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