The Shiba Inu (SHIB) team destroyed 88 million tokens, marking a massive increase in burn rate.
Shiba Inu (SHIB) Burned 88 Million Tokens as Burn Rate Increased by 1.628%
According to data from Shibburn, the Shiba Inu burn rate has improved rapidly, rising up to 1,628% in the last 24 hours.
With the burn rate rising again, Shiba Inu sent a total of 88,755,998 SHIB to dead wallets, thus increasing the total amount of SHIB removed from circulation.
While there were at least three major stakeholders in the recent increase in SHIB burning, the largest amount burned was supported by the “0xcf6…fdeaa” wallet, and a total of 52,392,528 SHIBs were removed from circulation through this wallet.
While the wallet with the address tag 0x74d…f9a1 helped remove more than 34 million SHIBs from circulation, 2,096,631 SHIBs were burned through the address 0xc664…50ae.
Despite the expected correlation between Shiba Inu burn rate and SHIB price, the last few increases in tokens burned have not translated into a corresponding jump in token valuation.
Because although the amounts are high in terms of SHIB, they remain low in terms of dollars.
*This is not investment advice.