The second largest memecoin in the world, Shiba Inu (SHIB), is once again attracting attention. While the value of Shiba Inu has previously fallen, Pepe Coin, a recently popularized memecoin, managed to take all the spotlight. Still, there is good news for SHIB investors, as the SHIBarmy destroyed over a billion Shiba Inu coins yesterday.
Burn rate Shiba Inu increases by 13,150%
Shibburn data shows that 1.69 billion SHIB coins were destroyed (sent to a dead wallet) yesterday. A dead wallet is a crypto wallet that is not accessible and is often used to destroy or permanently remove coins from circulation. SHIB’s burn rate has therefore increased by 13,150% after the recent promotion. It is important to note that this spike follows an extended period of relatively few Shiba Inu coins being destroyed.
In the past 30 days, the value of Shiba Inu has decreased by more than 18%. Currently, SHIB is trading at an average price of $0.000008891. Trading volume in the last 24 hours has increased by 30% to approximately $180 million. Despite this drop, Shiba Inu remains the second largest memecoin with a market cap of $5.24 billion.
PEPE steals the show
Shiba Inu has indeed not performed particularly well, but Pepe Coin, a new meme coin, on the other hand, has taken the crypto market by storm. The value of PEPE has increased by 3400% in the last 30 days.
Despite this, PEPE’s price has experienced a 13% drop in the past 24 hours. At the time of writing, it is trading at an average price of $0.000002. Trading volume in the last 24 hours is up 21% to $1.13 billion.