SHIB burn rate surges as several independent and unrelated projects continue to support the Shiba Inu token supply reduction mission. The latest burn contribution where billions of SHIB tokens were sent to a dead wallet came from a newly-launched crypto project, Blaze Token.
Per a recent Twitter update, the Blaze Token team has burned approximately 8 billion Shiba Inu tokens since it pledged to support the SHIB burn expedition. This increase in its total SHIB burn to date was recorded after the Blaze Token team sent a whopping 1,238,951,893 SHIB to the official burn wallet on Monday. Likewise, the team destroyed over 441 million of its native token BLZE.
According to the Monday announcement, the total burned Shiba Inu tokens destroyed by the Blaze Token team is exactly 7,955,814,803 billion SHIB. Notably, this recent burn from the newly-launched project has caused a surge in the burn rate of SHIB.
🔥BURN ANNOUNCEMENT 🔥$SHIB BURN 1,238,951,893 BILLION 🚀🚀🚀$BLZE BURN 441,720,872 MILLION 🚀🚀🚀
TOTAL TO DATE $SHIB BURN
🔥 7,955,814,803 BILLION 🔥
TOTAL TO DATE $BLZE BURN
🔥 8,326,560,479.21 BILLION 🔥#SHIBARMY #SHIBBURN #CryptoNews
— Blaze Token (@blaze_token) May 22, 2023
The leading Shiba Inu burn tracker Shibburn shows a 2372% increase in the burn rate of the second-largest decentralized meme token in the last 24 hours. At the time of writing, 1,240,951,903 SHIB was incinerated in the last 24 hours, causing the total burn amount to rise to 410.6 trillion.
Despite this hefty SHIB burns recorded daily and weekly, over 589 trillion Shiba Inu tokens are still in circulation. This voluminous supply is a contributor to the prevailing low price of the asset. Accordingly, Google Artificial Intelligence (AI) application Bard noted that reducing the hyperinflated supply of SHIB is critical for the growth of the crypto asset to the $0.01 price point.
Interestingly, the Blaze Token team which has no known affiliation or partnership with the Shiba Inu project, has pledged to burn trillions of SHIB. Recall that Blaze Token was the second top contributor to the over 3 billion SHIB tokens taken out of supply in the past week.
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