Shiba Inu Burn Rate Surges Over 250%, Destroying About 25 Million Tokens

The second-largest memecoin in the market, Shiba Inu has made headlines today with a surge in its burn rate, jumping by over 250% in the last 24 hours. This update has created a buzz of excitement among the SHIB community and investors who are hopeful for a positive short-term price effect. The dedicated Shiba Inu community members continue to destroy massive amounts of tokens in a bid to drastically reduce the total supply in the market.

Around 25 Million SHIB Tokens Removed from Circulation

In a recent development, Shibburn, a dedicated Shiba Inu burn tracker, has reported a significant increase in the burn rate of the trending memecoin SHIB. According to the data, exactly 25,187,379 (25.18 million) SHIB tokens were burned within the last day, raising the burn rate to 258.77%.

Notably, the bulk of the transfer took place approximately 5 hours ago from press time. The transaction carried a huge 24,176,493 (24.1 million) SHIB tokens from an address labeled ‘0xa9d1’ to a burn wallet ‘0x95ad.’ Also, other significant transactions like the one moving 346,942 SHIB and another transferring 255,764 tokens were registered. The purpose of these burns is to create scarcity which can potentially affect the demand and supply of the asset, consequently raising its value in the long term.

Meanwhile, Coinformania reported previously that the burn rate of SHIB skyrocketed by 4000% earlier this week. This was a result of a massive burning event where a total of 82,149,878 (82.1 million) tokens were destroyed. Collectively, the Shiba Inu community has successfully burned a total of 410.7 trillion tokens, remaining over 582 trillion SHIB still in circulation per Shibburn data. Even though the large SHIB holders are actively destroying lump amounts of SHIB, the total number in circulation is still too much to trigger exponential price growth.

Shiba Inu (SHIB) Price Amid Heavy Burn

The price of SHIB has not displayed any positive effect since the recorded burn. In fact, at the time of writing, Shiba Inu is currently down by 2.02% in the last 24 hours, trading at $0.00002258 according to CoinMarketCap data. What is more, the 24-hour trading volume of the token has dropped by 6.25% to $374.8 million within the recorded time.

The token’s open interest decreased by 0.28% to $57.84 million, according to Coinglass statistics, while its volume increased by 2.31% to $113.34 million. This may also be contributing to the turbulence in SHIB as trading activity in the derivatives market increases. Nevertheless, the decline in open interest makes people less optimistic about SHIB. Shiba Inu now has a live market cap of $13.3 billion.