Shiba Inu Burn Rate Spikes By Nearly 200% As Price Recovers

Shiba Inu (SHIB), also known as “Doge Killer” within the cryptocurrency space, has experienced a notable increase in its burn rate, with millions of coins taken out of circulation.

According to Shibburn, the platform that tracks Shiba Inu’s burn, the burn rate has increased significantly in the past day. Data from the tracking platform shows that the burn has risen by almost 200% in the past 24 hours.

Shibburn revealed that over 7 million SHIB tokens have been burnt in the last 24 hours. As of the time of writing, the number of SHIB destroyed is sitting at 7,648,382, resulting in the burn rate soaring by 191.69%.

The increase in burn rate today was triggered by two burn transactions. In less than 1 hour, a total of 7,621,237 Shiba Inu tokens were incinerated by the two transactions, according to Shibburn.

In the first transaction, the unknown wallet address 0xa9d1e08c7793af6…7fb81d3e43 burned approximately 3.60 million SHIB over 8 hours ago. An hour later, a separate wallet address delivered about 4.01 million SHIB to the burn wallet.

Shiba Inu burn initiative aims at reducing the quantity of SHIB tokens in circulation, hence decreasing the token’s total supply. As a result, the crypto asset becomes more scarce and potentially increases the value of Shiba Inu.

Currently, data from Shibburn shows that Shiba Inu has burned about 410.70 trillion SHIB out of the total supply. The digital asset now boasts a circulating supply of 581.35 trillion SHIB from its initial supply of 999.98 trillion SHIB. 

A recent report has revealed a massive shift in SHIB tokens, leaving the community to ponder on the reason behind the transfer. According to Etherscan, an unidentified wallet address 0xe44755….240090257 moved a whopping 225 billion SHIB from the decentralized exchange Coinbase.

Etherscan shows that the withdrawal was carried out over the course of two days in two transactions. 132.22 billion SHIB tokens were transferred from Coinbase in the first transaction, and another 92.83 billion SHIB were sent from the platform on the next day.

So far, the unidentified wallet address now solely holds about 225,057,952,422 SHIB valued at $2.10 million. This event has piqued the interest of traders and investors in the crypto market, which further coincided with the recent rise in the price of SHIB.

SHIB’s price is up by over 3% in the past 7 days, presently situated at $0.00000936. Meanwhile, its market cap is up by 2%, and its trading volume is down by over 16% in the past day.