Over 130 Million Shiba Inu Tokens Destroyed as SHIB Burn Rate Surges by 1300%

Memecoin Shiba Inu has again made the headlines today as more than 130 million tokens were sent to burn wallets, skyrocketing its burn rate by over 1300%. The massive burn took place over the last 24 hours with substantial amounts of tokens burned in single transactions. Consequently, the event seems to have impacted the price of SHIB in the short term as its price grew by more than 6% at the time.

After a recent price correction and a dip to the $0.000024 level, caused by global market sentiment, the beloved memecoin has rebounded, shooting towards the $0.00003 mark leaving investors with hopes of an even higher movement.

More than 130 million SHIB tokens sent to burn wallets

In a recent turn of events Shibburn, a dedicated Shiba Inu burn tracker, has reported a massive amount of SHIB burn over the last day. According to its data, exactly 135,451,536 SHIB (135.4 million) tokens were removed from circulation across twelve transactions. The Shiba Inu community continues to destroy huge amounts of tokens daily to drastically reduce the number of tokens in circulation. This can potentially impact the price of SHIB, skyrocketing it to different levels.

In the past 24 hours, there have been a total of 135,451,536 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/Dls1G9gKzA

— Shibburn (@shibburn) April 9, 2024

Notably, approximately 24 hours ago, a wallet destroyed over 91 million tokens in a single transaction. About 7 hours before that, two transactions moving 12.4 million, and 25 million SHIB were recorded. As a result of these substantial transfers, the burn rate surged by a massive 1344.14%.

Meanwhile, investors have been on edge due to the token’s extremely unpredictable movement over the past few days, despite today’s huge pump. Nevertheless, SHIB exhibited bullish waves throughout the cryptocurrency ecosystem today, with the meme coin’s on-chain analytics suggesting a robust market rise for the token as of press time.

According to CoinMarketCap data, the coin is currently trading at $0.00002914, which is just a few cents away from the 0.00003 mark. What is more, its volume has gained over the last 24 hours. Per the data, the trading volume has jumped by 35% to $749,403,156 ($749 million) with a live market cap of $17,085,891,624 ($17 billion). With the current burn, Shiba Inu now has a circulating supply of 589.2 trillion.

Also Read: Shiba Inu (SHIB) Reducing Maximum Supply At Over 300% Burn Rate