SHIB Key Metric Soars 7,334% as Team Announces Important Update to be Released This Week
Shibburn, a crypto wallet tracking platform, has released news about the rise in one of Shiba Inu’s key metrics. Overnight, the burn rate has reached a staggering four-digit figure, with millions of meme coins being destroyed.
This comes just after the SHIB team revealed that a key Web3 upgrade for one of Shibarium’s main products is expected to be launched this week. SHIB Burns Soar Nearly 7,400% According to Shibburn, the Shiba Inu army has managed to increase the burn metric by 7,334% after burning a total of 2,376,919 SHIB coins.
By burning tokens, the amount of SHIB in circulation is gradually reduced. However, as of now, the second-largest meme-inspired token by market cap has a circulating supply of 583,409,479,610,457, compared to an initial supply of one quadrillion.
A total of 410,727,776,917,712 SHIBs have been destroyed so far, most of which were burned by Ethereum co-founder Vitalik Buterin in a massive transfer in May 2021, when the mysterious SHIB creator Ryoshi gifted Buterin half of the Shiba Inu supply.
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No matter how many tokens are destroyed, SHIB burns rarely affect the price of Shiba Inu. This time, the token fell 3.33% before rising slightly, up 1.21%. At the time of writing, the meme cryptocurrency is changing hands at $0.00001680.
