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

Shiba Inu Burn Rate Sees 31,000% Rise As 2.25 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.

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.

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.

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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.