Shiba Inu’s Burn Rate Skyrockets by 1,628%: 88 Million SHIB Sent to Dead Wallets
- Shiba Inu witnesses an impressive 1,628% surge in its burn rate, sending 88 million SHIB tokens to dead wallets.
- Major contributors to this surge include wallets “0xcf6…fdeaa,” “0x74d…f9a1,” and “0xc664…50ae.”
In a surprising turn of events, Shiba Inu (SHIB) has experienced an extraordinary surge in its burn rate, reaching an astounding 1,628% in the past 24 hours, as reported by Shibburn data.
The recent surge in Shiba Inu’s burn rate serves as a testament to the protocol’s resilience, overcoming challenges and shifting gears within a short span. At the beginning of the week, the meme coin project witnessed a significant dip in its burn rate, which later witnessed a remarkable improvement by the end of the workday.
The latest surge in SHIB incineration saw a total of 88,755,998 SHIB tokens sent to dead wallets, effectively expanding the overall SHIB taken out of circulation. Notably, three major contributors played a significant role in this surge. The wallet “0xcf6…fdeaa” led the way by burning a total of 52,392,528 SHIB, followed by the wallet with the address tag “0x74d…f9a1,” which incinerated more than 34 million SHIB. Additionally, the address “0xc664…50ae” burnt 2,096,631 SHIB.
Total Burnt Shiba Inu Tokens
With this surge, the cumulative burnt Shiba Inu tokens now stand at an impressive 410,690,167,721,176 SHIB. This development leaves the current tokens in circulation at 581,127,781,873,309 SHIB.
Despite the remarkable surge in the burn rate, Shiba Inu’s valuation has not seen a proportional increase in recent upticks. The token’s current market price stands at $0.000009618, reflecting a 0.89% decrease in the past 24 hours. The burning of SHIB is expected to contribute to efforts to reclaim another zero for its price.
This surge in SHIB’s burn rate adds a layer of intrigue to its market dynamics, raising questions about its potential impact on the token’s valuation in the long run.
