🐶 Shiba Inu Coin Burn Rate Rockets 3010% As Community Burns 232M SHIB

During the prevailing bearish trend, the Shiba Inu (SHIB) meme coin has registered a phenomenal increase in its token burn rate. Data from Shibburn, a platform that monitors the burning of SHIB tokens, shows a surge of nearly 3010% on Wednesday, June 12. Moreover, more than 232 million SHIB tokens were incinerated by the community.

Shiba Inu Coin Burn Rate Skyrockets

This significant rise in token burning occurred during a period when the Shiba Inu coin price was declining. By decreasing the circulating supply of SHIB, the burn rate has the potential to boost the token’s value. Over the past day, the SHIB token burn rate skyrocketed by an astounding 3010.53%, as per Shibburn’s data.

During this timeframe, the Shiba Inu community collectively burned 232.64 million SHIB tokens through multiple transactions. Furthermore, one wallet address stood out as the SHIB burn rate shot up. The wallet address, 0xd9a…, burned a whopping 225.63 million SHIB tokens by transfer to a dead wallet in a single transaction.

Additionally, two other wallets made significant contributions by burning over 1 million tokens across various transactions. The second wallet, 0xa9d…, moved 3.18 million SHIB coins to a dead wallet via two transactions. In addition, another address, 0xc58…, shifted 1.69 million SHIB to a dead wallet.

Other Shiba Inu community members also contributed by conducting several smaller token burns, further increasing the burn rate. As a result, the total number of burned SHIB tokens has reached an impressive 410.72 trillion.