What Happened When Shiba Inu's Burn Rate Grew 48,554% in One Day

Shiba Inu's burn rate fell last week as the price of the terrier coin dropped. The burn rate suffered when the number of tokens burned on a daily basis dropped dramatically.

As the week came to an end, Shiba Inu's burn rate rose sharply, thanks to the project's lead developer.

Shibburn, a Shiba Inu burn monitoring site, reported that SHIB tokens were sent to the burn address. The burn rate grew by 48,554.74% with 87.76 million tokens burned.

Interestingly, only two wallets were responsible for the token burn. The wallet sent 61.9 million tokens to the burn address on Wednesday. The next transaction sent 25.85 million SHIB tokens.

This is a huge change from the 18,0375 tokens burned in 24 hours the day before. Due to this scary number, Shiba Inu's burn rate fell by 99.59%.

Despite the spike in the burn rate over the past day, the burn rate is still low compared to last week. Shibburn reported a burn of 275.57 million tokens last week, a decrease of 4.63%.

The burn rate may rise due to community sentiment or the Shiba Inu team burning tokens. The current burn pattern appears to be organic and therefore not caused by these reasons.

This may indicate a warming of Shiba Inu investor attitudes, especially regarding the reduction of SHIB tokens. By reducing supply, demand exceeds supply, pushing up the price of the terrier coin.

After the burning transaction, the price of SHIB rose by 0.32%. Bitcoin prices fluctuate and tend to fall, so this rebound may be short-lived.

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