Shiba Inu Burn Rate Soars as the Community Welcomes 2023

Vignesh Karunanidhi
Shiba Inu Burn Rate Soars as the Community Welcomes 2023
Source: AMBCrypto

The chaotic and ruthless year 2022 has finally come to an end. As everyone is excited about 2023, many are hoping for an end to the prolonged bear market. The slew of catastrophic events in 2022, including the fall of the Terra ecosystem and the fall of the FTX exchange, have gravely affected the cryptocurrency realm.

2022 has been a mixed year for Shiba Inu in terms of burns. The burn rate has been quite fluctuating over the course of the year, with some months recording over 4000% and others with a considerable drop in burn rate.

According to the details on the Shibburn website, the burn rate of Shiba Inu has been soaring over the last 24 hours.

Source: Outlook India

Shiba Inu burn rate spikes by 109%

Data shows that the burn rate of Shiba inu has skyrocketed by 109.69% over the last 24 hours. 198,266,399 SHIB have been sent to dead wallets during this period.

Shibburn revealed in one of their latest tweets that there have been a total of 159,411,895 SHIB since January 1. What’s even more interesting is that a single transaction sent 147,941,583 SHIB to the dead wallet in one single transaction. Another transaction that happened eight hours ago sent 31.6 million SHIB to dead wallets.

The burn process has been a significant part of the ecosystem. The entire initiative of sending tokens to the dead wallet is aimed at reducing tokens in circulation and increasing scarcity.

At press time, Shiba Inu is trading at $0.000008178, with a 1.43% increase in price over the last 24 hours. The 24-hour trading volume has also spiked by 32.39%.