- Shiba Inu burn rates jumped 2,224% in the past 24 hours.
- Over 5 million Shiba Inu tokens were sent for incineration during that period.
- Shibarium daily transactions jumped in the same period, alongside a rise in SHIB’s value.
Ethereum-based meme coin network Shiba Inu has seen a sporadic rise in its token burn rate in the past 24 hours, data from Shibburn reveals.
The incineration, which is a collective effort by the meme coin’s team and community, jumped 2,224% in the aforementioned period, following a recent slowdown in the burn rate. In that time, over 5 million Shiba Inu tokens were sent to dead wallets and effectively taken from circulation.
SHIB Burn
According to data from Shibburn, three wallet addresses spearheaded the uptick in the burn rate. In particular, wallet address 0xa9d1…67e9 incinerated 3 million SHIB in two transactions, while another wallet, 0x60812…253d, burned 1 million SHIB.
The recent rise in the burn rate underscores continued efforts by the SHIB team and community to constrict the token’s supply. Expectations are that a reduced supply of SHIB, alongside other community endeavors, will help drive up the value of the …
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