Over the past 24 hours, the burning rate of Shiba Inu tokens has increased by 2800%. As a result, 8 million tokens were withdrawn from circulation. More than half of this amount was destroyed in a single transaction that occurred approximately 17 hours ago.
The token burn program aims to reduce the huge supply of meme coins and increase their potential value through scarcity. The maximum supply of SHIB is 999,982,363,413,352 tokens, with over 41% of them already sent to the zero address.
The combustion mechanism is quite complex and includes both automatic and manual processes.
However, it is worth noting that $SHIB remains in the red, falling by 3% on a daily basis and by 6% on a weekly basis. Its pullback coincides with the general market correction: Bitcoin ( $BTC ) fell to $67,500 and Ethereum ( $ETH ) approached the $3,500 mark.
Fluctuations in token burn rates could be caused by someone deciding to liquidate their position during a period of market uncertainty and increased volatility.
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