Shiba Inu Burn Rate Spikes by 61765%; 830,384,034 SHIB Burned

Vignesh Karunanidhi
Shiba Inu Burn Rate Spikes by 61765%, 830,384,034 SHIB Burned
Source: Cryptosiam

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.

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According to Shibburn data, the burn rate skyrocketed by over 61765% recently, with over 830,384,034 SHIB sent to dead wallets.

Source: Shibburn

Over 830 million SHIB sent to dead wallets

The soaring burn rate has been one of the rarest moments in the burn history of Shiba Inu. The millions of SHIB sent to dead wallets spanned across seven transactions in the last 24 hours. There were numerous transactions that involved millions of SHIB, one with over 794 million SHIB.

Source: CoinMarketCap

However, the spike in burn rate hasn’t affected the price of the meme coin positively. At press time, Shiba Inu is trading at $0.00001084, with a 1% spike in value in the last 24 hours. There has been a 51% spike in the 24-hour trading volume.