Shiba Inu (SHIB) has seen an astronomical rise in its burn rate, spiking by 33,818% in a single day. According to Shibburn data, a staggering 1,884,288,401 SHIB tokens were destroyed in just 24 hours. This marks the most substantial burn recorded this quarter.

SHIB Price and Market Performance

Currently, Shiba Inu ranks among the top-performing cryptocurrencies in the market, even within the top 100 tokens. Its price has surged more than 14%, reaching $0.00001937, slightly below its intra-day peak of $0.00001967. This upward movement has drawn attention to the token as traders push its 24-hour trading volume up by 124%, amounting to $1,350,670,820.

Related article: Is Shiba Inu (SHIB) the Next Big Thing? 14% Surge Sparks Excitement!

Since its inception, SHIB has permanently removed 410,730,725,592,430 SHIB from circulation by sending them to dead wallets. Despite this, the circulating supply remains large, with 583,500,849,670,245 SHIB still available in the market. 

_{Source: Shibburn}

Shiba Inu is actively seeking ways to reduce its circulating supply, and the launch of ShibTorch on Shibarium is one of the most recent initiatives to drive the burn rate higher. The 1.8 billion SHIB incinerated through ShibTorch marks the highest burn rate since the platform’s launch in August.

Shiba Inu’s Position in the Memecoin Race

Shiba Inu is ramping up efforts to challenge Dogecoin (DOGE) for the top spot among memecoins. Over the last 24 hours, SHIB has outperformed its competitors, with a 15% price increase compared to DOGE’s 8% and PEPE’s 8.8% growth. 

Related article: Shiba Inu Addresses Community on Shiba Eternity Phase 2 Testing Delays

However, PEPE managed to surpass SHIB briefly, experiencing a 17% increase, finally clearing a price milestone it had teased earlier. Overall, it continues to be a key player in the memecoin space. 

With its burn rate climbing and price performance outshining its peers, market sentiment around SHIB appears to be gaining momentum.