More than 100 million SHIB were sent to an address that nobody could access in the past 24 hours.
TL;DR
Shiba Inu experienced a significant token burn, with over 100 million SHIB burned in the last 24 hours, marking a 1,300% increase from the previous day’s burn rate.
This program is part of the strategy to reduce SHIB’s supply, with already 41% of the initial supply burned, in efforts to increase the coin’s value over time.
Despite the burn, SHIB’s price fell by 4% daily and 3% weekly, in line with the broader crypto market downturn, although the launch of the Shibarium layer-2 solution may provide future price support.
The Latest Burn Data
The popular memecoin – Shiba Inu – witnessed over 100 million tokens burned over the past 24 hours. The figure represents an approximate increase of 1,300% compared to the burning rate the day before.
The project has adopted such a practice to reduce the overall supply of SHIB and potentially make the asset more valuable in time. According to Shibburn, over 41% of the initial supply has already been sent to an address that nobody could access.
Despite the skyrocketing burn figure today, SHIB has been on a downfall in resonance with the entire cryptocurrency market. It plunged around 4% in the last 24 hours (per CoinGecko’s data) and 3% on a weekly basis.