Shiba Inu Burn Rate Skyrockets, Soars by 34400%

Vignesh Karunanidhi
Shiba Inu Burn Rate Skyrockets, Soars by 34400%
Source: Binance

Shiba Inu’s burn game is puzzling the community with its volatility. The Shibburn website shared that 83,347,071,504 SHIB had been burned in 2022 alone. Even though the meme coin kept its burn game up for the majority of the first week of January 2023, the burn rate plummeted by 73%. The plummeting burn rate had made the community question the overall instability of the burn rate.

However, to everyone’s amusement, the burn rate has reversed course and has skyrocketed. According to the data from Shibburn, the burn rate has gone over the roof with a 34400% hike. This is positive as opposed to the previous day.

Source: Shibburn

Over 39 million SHIB sent to dead wallets in the last 24 hours

During the course of the last 24 hours, 39,066,934 SHIB have been sent to dead wallets. Even though the burn rate is soaring high, the number of SHIB burned is comparatively less than that of the beginning of last week.

Two large transactions sent 14.9 million and 16.75 million Shiba Inu to dead wallets during this period. Even though the meme coin began its week on a positive note, it is unclear whether the SHIB team will be able to keep up the pace.

However, the community has been excited for 2023 and is also anticipating the launch of Shibarium, which will burn more SHIB, according to the team’s announcement.