Shiba Inu price surged after a massive token burn

A massive shiba inu (SHIB) transaction to a dead wallet returns the price to the green zone after two months of consistent drops.

SHIB’s price has been tumbling for the past 60 days, with a 12% drop in the mentioned timeframe. In the past 24 hours, however, the meme coin’s value finally surged after falling below the $0.00001 mark on May 1.

According to crypto.news data, the shiba inu price has been up by 1.25% in the past 24 hours. The coin is trading at roughly $0.000010 at the time of writing. This incline came thanks to the massive spike in the asset’s burn rate.

Moreover, more than 2.25 billion SHIB tokens have been sent to dead wallets in the past 24 hours, according to SHIB BURN data. This marked a 30,940% spike in the asset’s burn rate.

Most of the burned tokens belong to a single 2 billion SHIB transaction worth around $19,900 at the time of the transfer from a wallet that currently holds only 0.808 ETH coins worth $1,500 at the time of writing.

Furthermore, the rise in the meme coin’s price comes as the global crypto market cap surged by around $20 billion in the past 24 hours. According to CoinMarketCap (CMC) data, digital currency capitalization stands at roughly $1.8 trillion at the time of writing.