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.
Also Read: Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks, Will SHIB Price Recover?Shiba Inu Coin Burn Rate Soars 3010% With 232M SHIB Burned
The Shiba Inu coin burn rate skyrocketed by 3010% today amid the recent declining trend, hence, a rebound in the SHIB price could be noted owing to the reducing supply but the uncertainty still prevails
HIGHLIGHTS
• Shiba Inu's burn rate shot up by 3010% in the last 24 hours.
• The SHIB price is currently grappling with massive declines as it dropped below $0.000022 today.
• Hence, the community seems to have initiated token burns to positively influence the price trajectory.
During the prevailing bearish trend, the Shiba Inu (SHIB) meme coin has witnessed a remarkable 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.