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303M Shib Destroyed In 24 Hours, Here’s How Shiba Inu Burn Rate Skyrocketed 3043% Over the Last Day

Altcoins

thecryptobasic.com 29 March 2022 08:01, UTC
  
Reading time: ~2 m

Shiba Burning is not slowing down.


The burn rate of Shiba Inu (SHIB) tokens skyrocketed as over 303.68 million Shiba Inu (SHIB) tokens have been destroyed by community-led initiatives within the past 24 hours.

Shibburn.com recently revealed via a tweet that it had tracked five transactions towards a dead wallet during the past 24 hours. Through these transactions, 303,686,273 (303.68M) Shiba Inu tokens have been taken out of circulation forever.

In the past 24 hours, there have been a total of 303,686,273 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) March 29, 2022

As per data provided by Shibburn.com, the burn rate is showing an increase of a whopping 3043.73% over the last day, when only 7,703,474 (7.70M) tokens were reported be destroyed.

Two massive transactions were tracked towards a dead wallet responsible for a surge in burn rate. These transactions were carried out with a gap of almost 9 hours.

In the first transaction, 290,590,004 (290.59M) SHIB were reported to be transferred to the dead wallet, while in another transaction, 10,000,000 (10.0M) tokens were taken out of circulation.

However, both of these transactions are mysterious as nobody has come up to claim these burns yet.

Impact on SHIB Price:

SHIB price manages to reclaim a 15 billion USD market cap and is currently trading at $0.00002791, up 7% over the last day. At the same time, the 24-hour trading volume for dog-themed cryptocurrency also skyrockets over 239% to $3,757,221,328 ($3.75B) compared to the previous day.


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