Cryptocurrency

Shiba Inu Burn Rate Sees 31,000% Rise As 2.25 Billion SHIB Destroyed in a Day

The world of cryptocurrency was taken by surprise recently as the Shiba Inu (SHIB) token saw an unprecedented surge in its burn rate, with an incredible 31,000% increase in just a day.

Interestingly, the Shiba Inu investors have put up a record of 2,259,598,377 (2.25B) SHIB in the last 24 hours. This record was processed through six separate transactions, with mysterious wallet and Cultpunk emerging as the top contributors to the burn.

Read Also: Popular Bitcoin Early Investor Ready to Sell Cardano (ADA) for Shiba Inu (SHIB): Details

According to reports, the total amount of SHIB tokens burned was 2.25 billion, an increase of 31,000% compared to the previous day. This is the highest burn rate ever recorded for the token and more than double the burn rate of the second-highest day on April 27th, which saw 1.03 billion SHIB tokens burned.

The surge in the burn rate of SHIB tokens is attributed to the recent surge in its price. This surge in the price of SHIB tokens has led to a significant increase in the number of SHIB tokens being burned, as the token holders are incentivized to burn their tokens in order to reduce their supply and drive up the price.

Read Also: Shiba Inu Army Burns 3.27 Billion SHIB in April as Community Determines to Push SHIB to $0.01

The surge in the burn rate of SHIB tokens has attracted the attention of the crypto community, with many speculating about the future of the token. Some have argued that the surge in the burn rate of SHIB tokens is a sign of increasing investor confidence in the token, while others have argued that it is simply a reflection of the current market sentiment.

Regardless of the speculation, The Shiba Inu coin is one of the trending topics on social media among investors. At the time of this report, Shiba Inu has attracted 536,000 tweets on Twitter with more trends still ongoing about the recent burn.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

XRP Unleashed Project Is Ready: Here’s When to Watch

JackTheRippler’s announcement about the ready XRP Unleashed project has captured the attention of Ripple supporters…

1 hour ago

Ethereum L2 Controversy Heats Up—Why DTX Exchange’s Game-Changing Hybrid Blockchain Is a Better Choice Than Ripple

Ethereum price has been moving in a narrowed zone trading at $2,460. There has been…

2 hours ago

New Multi-Asset Token FXGuys ($FXG) Set To Race Ethena And SUI For The Best Market Gains In Q4 2024

FXGuys ($FXG), a new multi-asset token, is gearing up to challenge Ethena (ENA) and Sui…

3 hours ago

Bitboy: XRP Will Replace Memecoins

In a recent post, cryptocurrency influencer Amelie drew attention to a bold prediction by Ben…

3 hours ago

Here’s Why XRP Struggles to Surpass $1

XRP has been trading below $1 for some time, with recent declines emphasizing its challenges…

5 hours ago

Turn $250 into $100,000 in Just 90 Days: 4 Top Shiba Inu (SHIB) and Dogecoin (DOGE) Replacements for Life-Changing Returns in a Short Time

In market moments like this, in which nearly every coin is preparing for a breakout,…

5 hours ago