The recent surge in the burn rate of Shiba Inu (SHIB) tokens has been nothing short of remarkable. Just last week, a single wallet holding 247 million SHIB tokens was burned, causing the burn rate to skyrocket by an astonishing 1500%.
The SHIB token is a decentralized finance (DeFi) token created on the Ethereum network and has become popular among many cryptocurrency investors. The primary purpose of SHIB is to reduce the circulating supply of the token, thereby increasing its value over time.
Read Also: Shiba Inu Army Burns 3.27 Billion SHIB in April as Community Determines to Push SHIB to $0.01
The 247 million SHIB tokens were burned from a single wallet address, which was owned by an anonymous investor. This is the largest single burn of any DeFi token to date.
The burn rate of SHIB tokens has been steadily increasing over the past few weeks, and this latest burn has pushed the burn rate up to almost 1600%. As a result, the market capitalization of SHIB has increased significantly, and the token is now trading at an all-time high price of $0.0373.
Read Also: A Realistic Look at the Possibility for Shiba Inu (SHIB) to Hit $0.01 in the Next Bull Run
The sudden surge in the burn rate of SHIB tokens has caused many investors to speculate about the motives behind the burn. Some have suggested that the burn was done to increase the token’s scarcity. Others have speculated that the burn was done to manipulate the token’s price, although there is no evidence to back this up.
Whatever the reason behind the burn, it is clear that SHIB tokens are now in high demand. The burn has caused the token’s market capitalization to surge, and it is likely that the token’s price will continue to rise in the short term. As such, now may be a good time to invest in SHIB tokens, although it is important to do your own research before investing in any cryptocurrency.
Follow us on Twitter, Facebook, Telegram, and Google News
