According to U.Today, the Shiba Inu (SHIB) token has seen a significant increase in token burns, with the rate soaring by over 10,990% in the past 24 hours. This comes as millions of coins are transacted out of circulation. The increase in token burns occurred as the price of Shiba Inu dropped by more than 5%.
The data reveals that an impressive 21,435,658 SHIB tokens were sent to dead wallets, effectively removing them from the circulating supply. Over the past day, the SHIB community has made two burn transactions, transferring 21,315,658 and 120,000 Shiba Inu tokens out of circulation. This represents a more than 30-fold increase from the 348% SHIB burn rate surge observed on Monday.
The goal of these token burns is to reduce the overall Shiba Inu supply in circulation, making the asset more scarce and potentially increasing its market value. Currently, there are 583,157,019,095,268 SHIB tokens in circulation, with 410,726,512,305,470 SHIB tokens already burned. Almost all of this – 410 trillion SHIB – was burned by Ethereum leader Vitalik Buterin three years ago after he received them as a gift from the mysterious founder of Shiba Inu, who called himself Ryoshi.
In other news, the SHIB community has been warned about potential scams involving new projects on the ShibaSwap DEX. A SHIB Discord admin, known under the alias DaVinci, has urged the community to be cautious about investing in new projects that claim to be connected to or supported by the SHIB developer team. According to DaVinci, con artists are issuing a large number of scam tokens in an attempt to defraud the SHIB community. In particular, many are making scam offers to invest in the TREAT token, a Shibarium ecosystem token that has not yet been launched.