Despite the massive sell-off in the crypto market recently, Shiba Inu’s burn rate showed a substantial upswing in the past 24 hours. During this time, about 400 million SHIB tokens were removed from the decentralized meme token’s circulating supply, by the teeming Shiba Inu community.
According to data from the SHIB token tracker, Shibburn, a total of 383,694,987 Shiba Inu tokens have been sent to inferno wallets in the last 24 hours alone.
This number continues to increase as more community members stay bent on burning Shiba Inu tokens by employing the SHIB burn portal or by sending tokens directly to dead wallets.
A total of 15 transactions resulted in the nearly 400 million 24 hours SHIB burn volume. While the largest burn volume was 199,210,326 SHIB tokens, a mysterious wallet also destroyed 160,549,026 Shiba Inu tokens.
In the past hour, there have been a total of 199,210,326 $SHIB tokens burned and 1 transaction. #shibarmy
— Shibburn (@shibburn) August 27, 2022
Other community members sent tokens amounting to millions to inferno wallets in single transactions. Due to the many large volume burn transactions, the SHIB’s burn rate in the last 24 hours rose above 235%, at the time of writing.
Altogether, the initiative to burn SHIB tokens in a bid to reduce the large circulating supply of the meme token is already producing positive results. The ShibArmy does not seem to be losing steam in the burn move.
More so, a recent report revealed that the Shiba Inu (SHIB) community recently burned over 100 million SHIB tokens within two days.
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SHIB Burn in the Past Hour
Despite the decline in the price of Shiba Inu alongside many popular cryptos, the active ShibArmy destroyed more than 6 million SHIB tokens in the last hour.
It is worth noting that “burns are calculated using three special addresses, two dead wallets which have no obtainable keys and tokens sent to the Genesis address (Black Hole) which reduces the supply,” as disclosed by the Shibburn project.
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Shibburn, the platform that tracks all burning activities tweeted; “In the past hour, there have been a total of 6,316,007 SHIB tokens burned and 1 transaction.”
In the past hour, there have been a total of 6,316,007 $SHIB tokens burned and 1 transaction. #shibarmy
— Shibburn (@shibburn) August 27, 2022
According to Coinmarketcap data, in the last 24 hours, SHIB’s price dropped over 6.5% following a retracement in the price of Bitcoin (BTC). Shiba Inu is currently trading for $0.00001203 while BTC is trading below $20k, at the time of reporting.
