Here’s Why Shiba Inu Burn Rate Soared by 4500%

Vignesh Karunanidhi
Here’s Why Shiba Inu Burn Rate Soared by 2690%
Source: MARCA

Shiba Inu has earned its name and fame in the meme coin community over the years. It has turned out to be one of the many constantly developing communities and teams out there. The Shiba Inu team has been relentlessly working on various initiatives for the community.

These include the Shiba Eternity game, the SHIB metaverse, the upcoming Shibarium, and the Burn Initiative. Since the beginning of 2023, the burn rate has put on a decent show with a consistent burn rate. However, when the market slightly recovered with major cryptocurrencies displaying double-digit gains, the burn rate slowly became more subtle.

Read more: Shiba Inu: Community Estimates the Launch Date of Shibarium

According to the details from Shibburn, the burn rate has spiked by 4,506% over the last 24 hours.

Source: Shibburn

Over 22 million SHIB sent to dead wallets

Shibburn website details reveal that over 22 million SHIB have been sent to dead wallets over the last 24 hours. Two of the major burns happened over two transactions involving 10.1 million and 11.8 million SHIB.

The Shiba Inu burn initiative has been one of the more notable developments in the meme coin community. However, the community has also shown disappointment in failing to burn even more millions to reduce the SHIB’s circulating supply. Nevertheless, with the launch of Shibburn, additional SHIB will be burned, which can boost the burn rate.

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At press time, SHIB is trading at $0.00001169 with a 2.69% drop in value over the last 24 hours according to CoinMarketCap data.