Burn rate of Shiba Inu has accelerated tremendously, adding nearly 1,500%
According to data provided by the Shibburn website, which tracks all SHIB burn transactions, the burn rate of this meme coin has increased significantly over the past 24 hours. Most likely the increase was due to this factor.
SHIB burn rate soars nearly 1,500%
According to the aforementioned SHIB burn tracking platform, in the last 24 hours, the pace of burning Shiba Inu meme coins has gone up by an astounding 1,494%. A total of 45,165,582 SHIB were burned versus 2,833,917 SHIB destroyed the day before.
During the past 24 hours, out of 45.1 million coins, nearly all – 37,843,644 Shiba Inu – were taken out of circulation and locked in a dead wallet in a single mysterious transfer.
147.5 million burned in past week
Overall, in the past seven days, the joint efforts of the SHIB army have made it possible to destroy 147,590,806 SHIB.
This is a very small amount of what is lit weekly, compared to what is lit before September arrives. Back in the summer and spring, the SHIB military used to send an average of one or two billion meme coins to “hell” wallets.
The current figure – 147.5 million – is what they used to burn within 24 hours on average, but now burn figures have dropped so low that this has turned into a result of one week’s burn.
Here is the likely factor behind the increase in burn rate
The Shiba Inu, the second largest meme token, has lost nearly 4% in price over the past few days since Tuesday, October 18. This wouldn’t have been so bad if it weren’t for the fact that the decline added another zero to the price of the SHIB. The “addition” took place on October 19.
Thus, it began descending from the $0.00001039 level and is now changing hands at $0.00000998. A small rise by 2.21% overnight Sunday has been erased by now.
