The Shiba Inu Community Burns Millions of SHIB Tokens
The Shiba Inu community has been actively burning SHIB tokens, resulting in a significant increase in the burn rate. In the last 24 hours, millions of tokens were sent to the burn address.
SHIB Burn Rate Spikes by 421%
According to data from the Shibburn website, the SHIB burn rate has increased by 421% in the past day. Over 5.3 million tokens were burned, contributing to this spike. Interestingly, these burns came from less than 10 addresses, with six burn transactions recorded.
A single wallet with the address “0x9d1e” burned over 2.5 million tokens in two transactions. Another wallet with the address “0x60812” burned 1 million tokens. The remaining burn transactions involved less than 1 million tokens each.
Weekly Burn Rate Sees a Spike of 4,145%
The daily burn spike has also led to an increase in the weekly burn rate, which has surged by 4,145%. Over 8.6 billion tokens have been burned in the past week alone.
HOURLY SHIB UPDATE
$SHIB Price: $0.00001029 (1hr -0.10% ▼ | 24hr 0.83% ▲ )
Market Cap: $6,055,517,103 (0.71% ▲)
Total Supply: 589,319,468,548,817TOKENS BURNT
Past 24Hrs: 5,316,694 (421.41% ▲)
Past 7 Days: 8,635,108,231 (4145.22% ▲)— Shibburn (@shibburn) December 21, 2023
Shiba Inu Team Drives the Burn Rate
The Shiba Inu team has been instrumental in propelling the high burn rate. Lead developer Shytoshi Kusama announced that fees collected on the Shibarium blockchain would be used to buy SHIB for burning. Two significant burns have already taken place, resulting in a surge in the burn rate.
In early December, the team burned 8.2 billion tokens, causing the burn rate to skyrocket by over 7.6 million percent. Another large burn occurred two weeks later, where over 8.2 billion tokens were burned, leading to a spike of over 770,000% in the burn rate.
With more large burns planned and over $1.2 million expected to be dedicated to burns, the burn rate is likely to continue increasing. This is positive news for the SHIB price as it benefits from a reduced supply of tokens in circulation.
Hot Take: The Burning of SHIB Tokens Continues to Drive Momentum
The Shiba Inu community’s ongoing initiative to burn SHIB tokens is gaining momentum with each passing day. The recent spike in the burn rate, fueled by millions of tokens being sent to the burn address, is a testament to the community’s dedication.
The high burn rate has been primarily driven by the efforts of the Shiba Inu team, who have conducted large burns and allocated funds for future burns. This strategy has not only led to a surge in the burn rate but also has a positive impact on the SHIB price.
As more tokens are burned, the circulating supply decreases, creating potential scarcity and increasing the value of SHIB. With the community’s commitment and the team’s continued efforts, the burning of SHIB tokens is likely to remain a key driver of growth in the future.
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