Shiba Inu Burn Rate Jumps Over 1,200% as SHIB Eyes Huge Rally.
The Shiba Inu (SHIB) community is
rejoicing after the latest token burn of the popular meme coin. Data from tracking
service Shibburn reveals that the burn rate of SHIB has skyrocketed by 1,207.63% in
the last 24 hours only. Moreover, more
than 51 million Shiba Inu tokens were sent
to dead addresses during this time.
Shiba Inu, the second-biggest meme coin in terms of market capitalization, relies heavily on the token burn mechanism. The token has a gigantic circulation supply, so it needs these massive token burn events for a more efficient supply. In addition, reducing the total supply of SHIB is essential to ensure the coin remains deflationary.
Disclaimer❗ This is not financial advice. DYOR