Shiba Inu Burn Rate Sees Notable Uptick
The Shiba Inu burn initiative is off to a positive start this week, as there has been a significant increase in the token burn rate over the past 24 hours. According to data from Shibburn, the burn rate has seen a massive 5,043% increase.
Over 53.13 million SHIB tokens were burned in the last 24 hours, primarily due to two large transactions. One address sent 20 million SHIB tokens to the burn wallet, while another transaction involved the same address sending 25 million SHIB tokens.
The Project’s Team Made Another Massive Burn
Last Friday, the Shiba Inu team burned a whopping 8.47 billion SHIB tokens, bringing the total number of burned tokens by the team to 33.8 billion SHIB. This was preceded by another burn of 8 billion SHIB tokens earlier on the same day.
The team sent approximately 8.53 billion SHIB tokens to a dead wallet in two separate transactions, resulting in a total burn of around 17 billion tokens that day. These systematic burns are starting to impact the overall supply of SHIB tokens.
Hot Take: Shiba Inu Continues Burning Tokens Despite Bearish Price Action
The Shiba Inu project is actively burning its tokens despite experiencing bearish price action. While the burn rate has seen significant increases recently, with millions of SHIB tokens being destroyed, the price of SHIB has not experienced much positive movement.
However, these burns have generated speculative excitement in the cryptocurrency market. The recent burns coincide with a massive whale transaction where billions of SHIB tokens were transferred to an unknown wallet. The project’s team is determined to reduce the token supply through these burns, potentially impacting the token’s value in the long run.
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