Shiba Inu Witnesses Significant Increase in Token Burns
The popular memecoin Shiba Inu has experienced a substantial surge in the number of tokens being burned from its circulating supply. Over the past 24 hours, there has been a 317% increase in its burning rate.
SHIB Reaches the 500M Milestone
According to data from Shibburn, within the last day, a total of 130,529,064 SHIB tokens were sent to an inaccessible wallet. This marks an almost 320% increase compared to the previous figures recorded on September 20. Additionally, over the past seven days, the burn rate of the memecoin has come close to reaching 500 million tokens.
HOURLY SHIB UPDATE$SHIB Price: $0.00000739 (1hr -0.97% ▼ | 24hr 0.27% ▲ )
Market Cap: $4,360,475,446 (0.20% ▲)
Total Supply: 589,340,552,787,290TOKENS BURNT
Past 24Hrs: 130,529,064 (317.41% ▲)
Past 7 Days: 499,253,136 (1.13% ▲)— Shibburn (@shibburn) September 21, 2023
Shiba Inu is one of the cryptocurrency projects that has implemented a burning program to decrease its circulating supply and potentially increase the scarcity and value of SHIB. The memecoin currently has a large token supply of 999,992,188,828,143, with over 41% of that amount already destroyed according to Shibburn’s data.
If you want to learn more about Shiba Inu’s burning mechanism and how it works, you can read our article here. CryptoPotato has also published a comprehensive guide on token burns in general.
SHIB Experienced an 820% Burn Rate Spike Two Weeks Ago
The recent 317% increase in the burning rate pales in comparison to the 821% surge observed by Shiba Inu on September 6. During that period, the majority of the burn was carried out by wallet address 0x4be2b2c4, which was responsible for destroying 71 million SHIB out of the total 79 million tokens burned.
Despite the rapid burning program, SHIB’s price has not seen significant gains recently. It has only increased by 1.1% over the past week and has dropped by over 8% in the last month.
Hot Take: Shiba Inu Token Burns Continue to Increase
Shiba Inu’s burning program is proving successful as more tokens are being removed from circulation. The recent surge in burning rate indicates a strong demand for reducing the token supply. However, despite these efforts, SHIB’s price has not experienced substantial growth. Investors will continue to monitor the impact of token burns on SHIB’s value in the coming weeks.
By
By
By
By