Shiba Inu Burn Rate Soars 7,240% with 1.1 Billion Tokens Removed
The Shiba Inu burn rate surged by 7,240% in one day, removing over 1.1 billion tokens from circulation. Key points include:
- Shibburn reported a significant increase in the burn rate, leading to the removal of approximately 1,104,706,719 SHIB tokens.
- A single anonymous wallet was responsible for over 95% of this burn, sending around 1 billion tokens to a dead wallet.
- Another wallet contributed an additional 100 million SHIB tokens to the burn.
- The total supply of SHIB has decreased to 589.2 trillion, a drop of 41% since its launch.
- Token burns aim to increase scarcity and potentially raise value over time.
Despite the increased burn rate, SHIB's price declined over 8.3% in the past week, dropping to $0.0000186. A crypto analyst suggests that current price dips present buying opportunities, predicting a future rise as sellers become exhausted.
