Shiba Inu, the popular meme coin, saw a significant increase in its burn rate over the past 24 hours, with 88.73 million tokens sent to dead wallets. This represents a 2,034% surge compared to the previous day’s burn rate and suggests renewed efforts from the community to reduce the circulating supply of SHIB.
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Details of the Burn
- The tokens were burned in three large transactions, with the biggest one sending 52.39 million SHIB to a dead wallet.
- Two other addresses contributed to the burn, sending 34.24 million SHIB and 2.1 million SHIB, respectively.
- This brings the total number of SHIB burned in the past 24 hours to 88.73 million.
Impact on Burn Rate
- The massive burn significantly increased Shiba Inu’s burn rate, which had been relatively low at the beginning of the week.
- This suggests growing community involvement in burning tokens, potentially fueled by anticipation for the upcoming automated burns on the Shibarium layer-2 blockchain.
Current Supply and Price
- Despite the high burn rate, SHIB’s price remains relatively unchanged, down 0.8% in the past 24 hours.
- This could be due to the overall bearish sentiment in the cryptocurrency market, as well as the fact that the burned tokens only represent a small portion of the total circulating supply (approximately 581.15 trillion).
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Future Outlook
- While the recent burn and increased burn rate are positive developments for Shiba Inu, their impact on the token’s price remains uncertain.
- The upcoming Shibarium-powered burns could potentially have a more significant effect, but it’s important to remember that the cryptocurrency market is highly volatile and unpredictable.
Overall, the recent increase in Shiba Inu’s burn rate suggests a renewed commitment from the community to reduce the token’s circulating supply. However, it’s too early to say whether this will have a lasting impact on the price. Investors should carefully consider the risks and potential rewards before investing in any cryptocurrency.