Trending meme coin Shiba Inu (SHIB) has opened the week with a massive surge in its burn rate, rising over 7000%. According to live data from Shib Burn – a cryptocurrency-dedicated burn project, the rate is up by 7329% over the last 24 hours. This shows an increase in activities in the Shiba Inu ecosystem.
The burn rate data shows that over 80 million Shiba Inu tokens have been destroyed. One of the notable transactions carried a massive 48,855,841 (over 48.8 million) SHIB and was done about 19 hours ago from press time.
This transaction indicates one of the largest done since the beginning of the month. Another transaction transferring 13,946,912 SHIB 18 hours ago at the time of writing was also recorded.
Source: Shib Burn website
The Shiba Inu burn is a mechanism employed to significantly reduce the amount of SHIB tokens in circulation, creating scarcity and consequently increasing the value of the remaining tokens.
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Related Reading: Shiba Inu Burn: Over 1.2 Billion SHIB Burned in one Transaction
Since it started, trillions of Shiba Inu tokens have been destroyed by sending them to dead wallets where they can not be accessed. When a massive amount of the meme token is burned it usually comes with reactions and sentiments from its community.
The reaction entails investors massively buying the token thereby increasing the price of the token in the short term. However, this is not always the case, as there have been times when a massive burn is recorded but the price of the token continues to drop.
It goes to proves the extremely volatile nature of meme coins, as their price is constantly fueled by hype, community sentiments, and sometimes celebrity influences.
Shiba Inu (SHIB) price today
Even though SHIB is experiencing a surge in its burn activity, the price of the token has dropped by 2.85% in the last 24 hours selling at $0.0000078. However, over the past week, its price rose significantly to $0.0000086.
What’s more, Shiba Inu is ranked #19 on the CoinMarketCap chart with a live market cap of $4,610,384,985 ($4.6 billion). Regardless of all the SHIB tokens burned, it still has a circulating supply of 589,346,914,631,298 (589 trillion).
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.