The Shiba Inu Burn initiative has been one of the most significant developments in the meme coin realm. With over 549,063,278,876,302 SHIB in circulation, the overall goal is to restrict supply, create scarcity, and ultimately force a price increase.
Shiba Inu has emerged as one of the most prominent meme coins over time. The burn initiative has often been criticized for its volatile nature. Even though the burn rate has been quite slow in the past few days, it has reversed course.
According to Shibburn data, the burn rate skyrocketed by over 27954.22%, with over 2,057,811,344 SHIB sent to dead wallets.
Over 2 billion SHIB sent to dead wallets
The soaring burn rate has been one of the rarest moments in the burn history of the Shiba Inu. The billions of SHIB sent to dead wallets spanned across 48 transactions in the last 24 hours. There were numerous transactions that involved millions of SHIB, some with over 100 million SHIB.
However, the spike in burn rate hasn’t affected the price of the meme coin positively. At press time, Shiba Inu is trading at $0.00001089, with a 3.11% drop in value in the last 24 hours. There has been a 27.21% spike in the 24-hour trading volume.