Shibburn data platform has revealed a jaw-dropping increase in SHIB burns that it has observed within the past 24 hours, with millions of coins transacted out of circulation.
This staggering growth took place while the Shiba Inu price suddenly dropped by more than 5%.
SHIB burns soar by 10,990%
The aforesaid source of data reported that since yesterday morning the SHIB burn rate has skyrocketed by more than 10,990%, with an impressive amount of meme coins sent to dead wallets – 21,435,658 SHIB. Over the last 24 hours, the SHIB community has made only two burn transactions so far, transferring 21,315,658 and 120,000 Shiba Inu out of the circulating supply.
That was a more than 30x increase from the 348% SHIB burn rate surge observed on Monday and reported by Shibburn.
Image via Shibburn
These token burns undertaken by the SHIB community chase the goal of reducing the overall Shiba Inu supply in circulation in order to make the asset more scarce and potentially increase its market value in the near future. Currently, there are 583,157,019,095,268 SHIB circulating out there, with 410,726,512,305,470 SHIB already burned by now.
Almost all of this – 410 trillion SHIB – was burned by Ethereum leader Vitalik Buterin three years ago after he received them as a gift from the mysterious founder of Shiba Inu, who called himself Ryoshi.
According to Vitalik, back then, he did not believe in the bright future of SHIB, therefore, he burned the trillions of gifted tokens.
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SHIB team issues crucial token warning
As reported by U.Today earlier, the SHIB community has spread the word about an important recent warning by one of the Shiba Inu team members. It was issued by a SHIB Discord admin, known under the alias DaVinci.
DaVinci addressed the community, urging them against blindly investing into new projects on the ShibaSwap DEX if they claim to be somehow connected to or supported by the SHIB developer team.
Con artists, the Discord admin wrote, are now issuing a large number of scam tokens in order to make the SHIB community part with their funds. In particular, many are making scam offers to invest in the TREAT token. DaVinci reminded the SHIB army that this Shibarium ecosystem token has not been launched yet.