Shiba Inu Burn Rate Soars with a 160% Surge, 101 Million SHIB Burned

Vignesh Karunanidhi
Shiba Inu Burn Rate Goes Parabolic, Surges 5600%
Source: MARCA

Shiba Inu has gained considerable recognition and popularity within the cryptocurrency industry. The team behind SHIB has shown dedication to its development through various initiatives, including the implementation of the Shiba Inu Burn program.

The burn rate associated with Shiba Inu has been subject to fluctuations, with some days witnessing significant increases while others experiencing declines. However, the recent burn rate has not been particularly noteworthy.

Also read: Ripple (XRP) Price Prediction for June End 2023

It is important to note that on June 22, there was a significant surge in the burn rate, experiencing a remarkable increase of 6900%. As per Shibburn’s data, the burn rate surged by 1077% on June 25. Now, according to the latest data from Shibburn, the burn rate has soared by 160% in the last 24 hours.

Source: CoinLive

Over 101 million Shiba Inu burned in the last 24 hours

Shibburn data shows that 101 million SHIB have been sent to dead wallets in the last 24 hours. Several transactions contributed to the surge in burn rate, with several single- and double-digit transactions in the millions.

However, in comparison to the last few days of a four-digit burn rate, the current burn rate is in the three digits. The surge in burn rate comes at a time when Shiba Inu is performing comparatively better than in the past few days, with a 1.75% drop in value over the last 24 hours.