Shiba Inu Token Burn Rate Rises 1,800% in Less than 24 Hours, Will There Be a Massive Pump?
The burn rate of Shiba Inu token supply skyrocketed in just one day, further creating another buying support factor for Shib tokens.
Shiba Inu (Shib) is a popular memetic crypto token that gained popularity during the initial stages of its launch in August 2020 after the trading price of Dogecoin (Doge) rose significantly due to the influence of Tesla CEO Elon Musk. The Shib token project is inspired by Dogecoin and gained popularity after Musk appeared on a show and said he loves his pet Shiba Inu.
According to Shibburn, a website that tracks Shiba Inu burn rates, the Shib token has seen the burn of 27 million SHIB tokens. This token burn represents an 1,800% increase in burn rate over the last 24 hours.
The main reason for the sudden increase in the token burn rate lies with an anonymous party who sent 25 million SHIB tokens to a dead address, permanently removing them from circulation.
With the help of the token burn mechanism, the Shiba Inu community aims to significantly reduce the total supply of the network.
The total number of SHIB tokens burned from initial supply to date is 410.67 trillion. However, the current circulation volume amounts to $580.51 trillion.
According to available data, nearly 41% of them have already been removed from circulation. Popular Shiba Inu (SHIB) influencer and team member “Lucie” previously said that the project could burn 111 trillion tokens per year.
Over the past 24 hours, a sudden increase in activity has been observed across the Shibarium blockchain. According to the report, this occurred because the trading prices of Shib tokens and Bone tokens have risen steadily recently.
The current trading price of shib token is $0.00000960, which is 7.5% higher than the trading price over the last 7 days.
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