Shiba Inu Coin Burn Rate Spikes Drastically

The significant increase in the burn rate has reduced Shiba Inu’s market supply, which could have positive implications for its tokenomics moving forward. In the past 24 hours, the burn rate skyrocketed by 569.50%, according to Shibburn. Moreover, a total of 12.70 million SHIB tokens were incinerated in several transactions by the community. Notably, four specific wallet addresses played a major role in this spike.

The wallet address 0xa9d1… was responsible for shifting 4.6 million SHIB to a dead wallet via two gigantic transactions recorded a few hours ago. Furthermore, another wallet address, 0x608…, transferred 1.01 million SHIB to a dead wallet over the same period. These substantial transactions have been pivotal in driving the recent surge in Shiba Inu’s burn rate.

In addition, another community wallet moved, 0xc66…., moved 1.04 million Shiba Inu tokens to a dead wallet, successfully contributing to the burn rate spike. Hence the amount of total SHIB tokens burned stands at a massive 410.72 trillion. Moreover, the reduction in supply due to these burn transactions is seen as a potential catalyst for bolstering the value of SHIB.