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According to the Shiba Inu (SHIB) burn rate tracker Shibburn, the project’s burn rate spiked by 139,103%. Source: Shibburn The data shows that 96.63 million SHIB tokens were incinerated in the last 24 hours, with one transaction burning over 96 million tokens. Also Read: Shiba Inu To Reach 5 Cents? Here’s When SHIB Could Hit $0.05 Factors Influencing SHIB’s Price and Burn Rate The sudden burn rate spike could be due to increased activity within the SHIB ecosystem. It could also be due to a low number of burns over the last few days and a sudden high token burn in the previous 24 hours. Will SHIB Hit $0.00002 Following the Burn Spike? Shiba Inu’s (SHIB) price has seldom rallied on token burns as the number of tokens destroyed is minuscule compared to the 589 trillion tokens in circulation. While the burn rate increased by more than 139,000% in 24 hours, the asset has rallied by only 0.2% in the same time frame. Also Read: Cryptocurrency Investor Loses $1 Million Trading Meme ...

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Solana’s native SOL token has seen an 8% jump from yesterday’s low, taking price back above the $70 level. This comes amid rising network activity and transactions on the blockchain, helping push Solana’s market cap back above $30.5 billion. Meanwhile, the new altcoin Bitcoin Minetrix (BTCMTX) continues to gain ground in its viral presale phase, with many experts speculating it could pump after listing on mainstream exchanges. Solana rebounds as metrics point to renewed interest After a rocky 24 hours, Solana appears to be swiftly rebounding. SOL is up to $72.10, propelling Solana to the number six spot by market capitalization. This recovery has been fueled by a marked increase in trading volumes. Over $2.8 billion worth of SOL was traded globally in the past day alone – a sizable jump from Dec. 10. Additionally, Solana’s...