According to data provided by Shibburn, the popular memecoin Shiba Inu has seen a significant increase in the number of tokens removed from its total circulating supply, with a 317% jump in its burning rate over the last 24 hours. The total number of SHIB tokens sent to an inaccessible wallet in the past 24 hours is 130,529,064, marking an almost 320% increase compared to the figures registered on September 20. Additionally, the memecoin's burn rate for the last seven days nearly reached the coveted level of 500 million assets.
Shiba Inu is among the cryptocurrency projects that have adopted a burning program to reduce the asset's circulating supply, making SHIB more scarce and valuable. The memecoin has a tremendous token supply of 999,992,188,828,143, with over 41% of that amount already destroyed, according to Shibburn's data. The most recent 317% burning rate jump is not as significant as the 821% increase that Shiba Inu witnessed on September 6. At that time, the majority of the burn was carried out by wallet 0x4be2b2c4, which was responsible for the removal of 71 million SHIB out of the 79 million tokens destroyed during that period.
Despite the burning program going at full speed, the memecoin's price has not managed to chart substantial gains lately. It has been up a mere 1.1% on a weekly basis and over 8% down for the past 30 days.
