The Shiba Inu burn has been one of the meme coin team’s major developments. Additionally, the community has embraced the initiative with open arms, sending millions of SHIB to dead wallets.
To create scarcity and lower the SHIB in the circulating supply, the burn initiative was established. The first few days of January 2023 saw a noticeably higher burn rate. However, as the price began to accelerate with double-digit gains, it gradually began to cool off.
However, the most recent information from Shibburn indicates that the Shiba Inu burn rate has increased by 303% over the past 24 hours.
Single wallet burns 108 million SHIB
During the last 24 hours, 118,529,999 SHIB have been sent to dead wallets, with the major contribution coming from a single wallet. One single transaction that happened five hours ago sent 108,476,685 SHIB to the dead wallet. The single transaction caused the burn rate to go up by 303%.
Despite the burn activities, Shiba Inu hasn’t shown major price fluctuations over the last 24 hours. At press time, Shiba Inu is trading at $0.00001197, with a 1.25% drop in value over the last 24 hours. The much-awaited launch of Shibarium is likely to help boost the price of Shiba Inu as well as trigger a rise in burn rate.