Shiba Inu’s burn rate showed a significant increase in the past 24 hours. During this period, more than 209 million SHIB tokens were removed from the memecoin’s circulating supply.
Per data from the SHIB token tracker, Shibburn, a total of 209,466,314 Shiba Inu tokens have been sent to dead wallets in the past 24 hours alone. This figure continues to rise as more community members keep sending tokens to dead wallets.
More so, a total of 13 transactions resulted in the figure above with the two largest burn volumes being 100,593,618 and 101,660,453 SHIB tokens. Overall, the burn rate in the last 24 hours rose above 161%, at the time of writing.
In the past hour, there have been a total of 100,593,618 $SHIB tokens burned and 1 transaction. #shibarmy
— Shibburn (@shibburn) August 19, 2022
Accordingly, close to 400 million Shiba Inu tokens have been removed from circulation in the last 4 days. A recent report showed that the Shiba Inu (SHIB) community recently burned over 100 million SHIB tokens within two days.
Another report by Timestabloid showed that more than 67 million SHIB tokens were sent to dead wallets within 24 hours.
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SHIB Burn in the Past Hour
Although there has been a noticeable decline in the volume of SHIB tokens being destroyed of late, the teeming Shib Army is not giving up on the burning initiative. In the past hour, less than a million SHIB tokens have been sent to inferno wallets.
Shibburn, the platform that tracks all burning activities tweeted; “In the past hour, there have been a total of 893,189 $SHIB tokens burned and 1 transaction.”
In the past hour, there have been a total of 893,189 $SHIB tokens burned and 1 transaction. #shibarmy
— Shibburn (@shibburn) August 19, 2022
Ultimately, the positive effect of the SHIB burn initiative is visible. Shiba Inu’s circulating supply continues to shrink as over 410.38 trillion tokens have been destroyed so far, according to Shibburn. Meanwhile, 31.39 trillion Shiba Inu tokens are staked as xSHIB, at the time of writing.
The second-largest decentralized meme token has been among the top performers in recent days but experienced a sharp decline today.
Coinmarketcap data reveals that SHIB has dipped over 5% in the last 24 hours and is trading at $0.00001343 at the time of press.
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