#SHIB’s burn rate spiked by 704.59%, with 9,793,961 SHIB sent to dead wallets.
The Shiba Inu community actively contributed to reducing the supply of SHIB, destroying 9,653,363 SHIB and underlining their determination.
Price surge and bullish outlook: SHIB’s price rose 5.3% to $0.000008612, hitting its highest level in a month.
The Shiba Inu (SHIB) community has witnessed a significant spike in SHIB’s deflationary burn rate. Data from Shibburn shows that the total number of SHIB tokens sent to dead wallets increased by a staggering 704.59% in just one day.
This surge reached an eye-popping 9,793,961 SHIB tokens, a number that left the community in awe. Much of this remarkable feat was attributed to the address “0x195451..,” which contributed 9,653,363 coins to the destroyed wallet.
Additionally, three other wallets also made smaller contributions, underscoring the broader Shiba Inu community’s strong determination to reduce excess SHIB supply. This ongoing effort has been a consistent trend throughout the week, with more than 120 million SHIB tokens taken out of circulation to date.
The cumulative impact of this fire is staggering. Since the introduction of the deflation metric, a staggering 410,644,719,355,767 SHIB tokens have been destroyed, leaving approximately 580,026,441,139,621 SHIB still in circulation.
Along with this amazing burn rate, the price of the Shiba Inu has also experienced a significant recovery. SHIB surged 5.3% overnight to hit the key threshold of $0.000008612, according to CoinMarketCap. This price level marks a new one-month high for SHIB and is the highest level hit since August 19.
