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In a display of token destruction, a single wallet has set the Shiba Inu (SHIB) community on fire by destroying a massive amount of SHIB tokens. According to statistics Shiba Inu Burn Tracker From Shibburn, the Shiba Inu burn rate is currently up 2,372% in the last 24 hours, since burns from a single wallet.
Not only has the burn increased the SHIB burn rate, but it can also be attributed to the current spike in Shiba Inu, which is up more than 2% in the past 24 hours.
Shiba Inu Burn Rate Surges
According to Shibburn data, in the last 24 hours the Shiba Inu community has Roughly 1.24 billion SHIB were transferred to a designated “dead wallet”, thereby removing these tokens from circulation forever. A a purse burned Approximately 1.23 billion SHIB tokens in the last 24 hours.
Related Reading: Shiba Inu All Green Today – What’s the Energy Behind the Glow?
Specifically, the identity behind the wallet burning this large amount of tokens has been revealed To become the Blaze token team. heyOut of all SHIB tokens burned in the last 24 hours, Blaze Token burned a total of 1.23 billion tokens.
Executed approximately 12 hours ago, this massive burn event has now brought the number of SHIBs burned for Blaze tokens to approximately 7.9 billion.
While the recent firestorm may have triggered a portion of the excitement in the SHIB community, it is worth noting that there is more to come, especially with the launch of Shiberium.
shiberium is a yewThe underlying blockchain technology that plays a key role in facilitating the Shiba Inu’s burn mechanism. According to the blockchain developers in a recent series of tweets, each transaction on the Shiberium network will result in the burning of Shiba Inu (SHIB) tokens.
SHIB Records Upward Momentum
after significant burns, SHIB token price has gained momentum in the last 24 hours. In this period, SHIB has increased by more than 2%. meme coin currently trades up $0.00000905 from Monday’s low of $0.00000885.
SHIB’s market capitalization has also registered a marginal jump. In the past 24 hours, over $100 million has been added to SHIB’s market cap, bringing the total cap of the token to nearly $5.3 billion, while still ranking as the 16th largest cryptocurrency by market cap.
Related Reading: Shiberium Developers Say Every On-Chain Transaction Will Burn SHIB Tokens
Interestingly, the SHIB trading volume has dropped. Mim Coin’s 24-hour trading volume currently stands at $156 million, down from a high of $186 million seen this morning.
The rise in price from SHIB shows that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB tokens could contribute to increased demand and potential price growth in the long run.
Featured Image from Shutterstock, Chart from TradingView
