As the price of Shiba Inu (SHIB) maintains bullish momentum in the market, the rate at which SHIB tokens are being burned is also on the increase as over 303.68 million of the dog-themed token were destroyed over the last 24 hours.
The data provided is also showing that the SHIB burn rate has gained a whopping 3043.73% over the last day.
Over 303 Million SHIB Tokens Destroyed
As reported by Shibburn a few hours ago, five transactions of Shiba Inu tokens that headed towards dead wallets in the past 24 hours were tracked.
These transactions were able to burn a total of 303,686,273 SHIB tokens, which implies that all the tokens involved are no longer part of the Shibu Inu’s circulating supply.
Shibburn tweeted, “In the past 24 hours, there have been a total of 303,686,273 SHIB tokens burned and 5 transactions.”
In the past 24 hours, there have been a total of 303,686,273 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 29, 2022
SHIB Burn Rate Surges 3043% over the Last 24 Hours
A look into the data provided by Shibburn shows that the burn rate has gained a massive 3043.73% over the last 24 hours.
Two enormous transactions that were meant to burn SHIB were behind the increase in the burn rate. The transactions reportedly played out at relatively 9 hours intervals.
The first transaction destroyed 290,590,004 SHIB tokens, while the second sent 10,000,000 SHIB tokens to the inferno wallet, where they will forever remain inaccessible.
Read Also: Shiba Inu Loses Over 30,000 Holders in a Single Day, but ETH Whales Keep Accumulating SHIB: Details
Shiba Inu (SHIB) in the Market
Shiba Inu (SHIB), along with the rest of the top cryptocurrencies in the market, has been in a bullish trend over the past couple of days.
Currently, Shiba Inu (SHIB) market capitalization is standing above $15 billion according to CoinMarketCap and trading at $0.00002764, with a relatively 5% price surge in the last 24 hours.
Similarly, the SHIB’s 24-hour trading volume has surged over 230% to around $3.7 billion compared to the previous day.
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