- Shiba Inu’s burn rate skyrocketed to around 13070.90%.
- There are 410.63 trillion SHIB tokens removed from Shiba Inu’s initial supply.
Shiba Inu, the second largest memecoin, has witnessed a massive increase in its burn rate. Shibburn, the crypto platform that tracks the SHIB transfers on etherscan, reported that in the last 24 hours, the burn rate of SHIB has skyrocketed to around 13070.90%.
2,005,265,274 $SHIB -> transferred to dead wallet. https://t.co/H2zMHO9VD9
— Shibburn (@shibburn) May 2, 2023
According to the Shibburn report, the SHIB burn rate increased after over 2 billion SHIB tokens were burned in a single transaction. The process of burning SHIB tokens involves sending the tokens to a dead wallet, which makes them unusable for trading and other purposes.
The SHIB burn rate can directly impact the trading price as it decreases the overall supply. However, there is no certainty that token burning will affect the trading price. It always depends on several factors, like market santiment and the state of the global crypto market.
In the last 24 hours, around 2.25 billion SHIB tokens burned. And also, over 410.63 trillion tokens removed from Shiba Inu’s initial supply.
At the time of writing, the trading price of the SHIB is around $0.00001002, with an increase of 0.60 in the last 24 hours, according to CoinMarketCap.
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