Shiba Inu (SHIB) Burn Rate Regains Momentum, Spikes Over 342%

SHIB Burn Rate Spikes Nearly Mysterious Wallet Burns Over 2 Billion Shiba Inu (SHIB) in One Transaction11,000% After KoyoToken Mega Burn Transaction

SHIB burn rate gains steam again after the Shiba Inu community slacked in the burning activity the previous day. Over 67 million Shib tokens were sent to dead wallets within 24 hours.

Shiba Inu has been among the top performing cryptocurrencies in recent days and has been trending for several days on the leading crypto data-tracking platform, Coinmarketcap. At the time of writing, it is the most trending digital asset on Coinmarketcap.

In consequence, the price of the decentralized dog-themed token (SHIB) spiked significantly hitting $0.000018 on August 14 after many weeks of trading below the $0.00001 mark.

While this price surge happened, a drastic reduction in the burn rate of Shiba Inu (SHIB) was recorded. According to the Shibburn website, a platform that tracks SHIB burn activity, the SHIB burn rate declined by over 75% on August 17.

SHIB Burn Rate Spikes Over 342%

The Shiba Inu community is back to the business of burning large volumes of SHIB tokens daily. The overall aim of this activity is to reduce the circulating supply of the second-largest decentralized meme token, which would aid the price of the digital asset to grow tremendously. And considering recent price spikes in the market, the SHIB burn initiative is starting to pay off.

SHIB Burn Rate

Notably, Shib’s burn rate has increased by over 342% compared to the number that was burned on the 17th of August. According to Shibburn.com, more than 64 million SHIB tokens have been destroyed within the last 24 hours.

“In the past 24 hours, there have been a total of 64,506,471 SHIB tokens burned and 10 transactions. Visit shibburn.com to view the overall total of SHIB tokens burned, circulating supply, and more,” Shibburn earlier tweeted.

Shibburn also disclosed that 4,306,870 SHIB tokens were taken out of circulation in 4 transactions in the past 4 hours.

In one transaction, a total of 1,861,986 SHIB tokens were burned. 2,000,000 SHIB tokens were later transferred to a dead wallet in two transactions of an equal amount. In the 4th transaction, 444,884 SHIB were destroyed.

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Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.