Shiba Inu’s burn rate has recorded a massive spike after the community incinerated a hefty amount of SHIB tokens over the past day.
Shibburn’s data shows that in the past 24 hours, the Shiba Inu community sent 88.73 million SHIB tokens to dead wallets of the cryptocurrency.
Details of Shiba Inu’s Latest Burn
Notably, the tokens were burned in three hefty transactions. Per the data, ‘0xcf6…fdeaa’ burned the highest amount of SHIB over the past day, with 52.39 million tokens sent to the burn wallet from this address.
Prior to this transaction, Shibburn data revealed that another address, ‘0x74d…2f9a1’, sent over 34.24 million SHIB to a dead wallet in the late hours of yesterday. Similarly, ‘0xc66…650ae’ incinerated nearly 2.1 million SHIB 22 hours ago from press time.
These transactions brought the total number of SHIB incinerated in the past 24 hours to 88.73 million.
Shiba Inu Burn Rate Up 2,034%
With over 88.73 million SHIB incinerated in the past day, Shiba Inu’s burn rate surged by 2,034% over the past day.
It bears mentioning that the canine-themed cryptocurrency began this week with a significantly low burn rate, as only a few thousand units of SHIB were taken out of circulation.
– Advertisement –
However, the burn feature gained momentum towards the later part of yesterday, when the number of tokens sent to the dead wallet rose to millions.
In the hours leading up to press time, a total of 410,707,781,180,590 (410.7 trillion) SHIB have been incinerated, leaving about 581,149,344,359,599 (approximately 581.15 trillion) tokens in circulation.
The majority of the tokens burned, representing over 410 trillion SHIB, were incinerated by Ethereum co-founder Vitalik Buterin in 2021 from the amount he received as a gift from the Shiba Inu ecosystem team.
SHIB Price Dips 0.8% in 24 Hours
Meanwhile, the massive 88.73 million tokens incinerated over the past day did not positively impact SHIB’s price. It is worth noting that Shiba Inu has been trading with five zeros after its decimal since January 3.
The canine-themed token went on a remarkable rally on January 11, surging from $0.00000922 to $0.00001049, thus helping the token eliminate one of these zeros. The rally was short-lived as SHIB plunged below the $0.00001 level a few hours later.
The token was down 0.8% in 24 hours to $0.00000959 at press time. However, the token has surged 3.7% in the past week.
Despite SHIB’s low performance this year, fans of the cryptocurrency are optimistic that Shiba Inu will put smiles on their faces soon, especially as Shibarium-powered burns are automated this month.