ShibArmy continues to burn huge amounts of SHIB tokens in a bid to keep reducing the circulating supply of the decentralized dog-themed.
Over 170 million Shiba Inu (SHIB) have been sent to dead wallets in the past 24 hours while 1,882,892 SHIB have been burned in the last 3 hours. Following this large volume of SHIB being sent to inferno wallets, the SHIB burn rate has spiked over 260% today.
As revealed by Shibburn, the platform that tracks and records Shiba Inu burn activities, 170,719,991 SHIB tokens have been destroyed in the past 24 hours in just 14 transactions, at the time of writing.
Earlier today, the Shibburn Twitter account wrote, “in the past 24 hours, there have been a total of 174,089,136 SHIB tokens burned and 15 transactions.”
In the past 24 hours, there have been a total of 174,089,136 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 10, 2022
In a single transaction, a certain wallet took away a whopping 139,854,341 Shib tokens out of circulation forever. The second largest burn involved the incineration of 11,228,496 SHIB tokens by another wallet.
🔥🔥 139,854,341 $SHIB -> transferred to dead wallet. https://t.co/6CxVoUGLTK
— Shibburn (@shibburn) August 10, 2022
Read Also: 4.7 Billion SHIB Burned In July, 1.1 Billion Burned in 7 Days, and 216.4 Million Burned in Last Hour
SHIB Burn Rate Spikes
These consistent massive SHIB burns further show that the community is bent on reducing the circulating supply of Shiba Inu. It is believed that this could help in causing the price of the meme token to surge significantly.
Ever since the introduction of the burn initiative, billions of Shib tokens have been burnt. In July alone, the Shiba Inu community destroyed a total of 4.7 billion SHIB tokens.
It is worth noting that over 410.4 trillion SHIB tokens have been taken out of the meme token’s supply by community members through different burn activities. Currently, the token’s circulating supply is 558.2 trillion, according to Shibburn data.
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