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Shiba Inu Burn Rate Soars: What’s Causing the 300% Spike?

Shiba Inu Burn Rate Soars: What’s Causing the 300% Spike?

Shiba Inu burn initiative has seen a significant increase in the past day. The project is actively removing a large amount of tokens from circulation, demonstrating a strong commitment to reducing the overall supply.

The Shiba Inu burn campaign aims to reduce the total supply of SHIB tokens by decreasing the amount in circulation. As a result, the digital asset gains value, and the price of SHIB may increase.

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The Shiba Inu Burn Initiative Has Increased By More Than 300%

The burn tracker Shibburn reports that there has been a noticeable increase in the Shiba Inu burn rate during the past 24 hours. The burn project saw a 335.94% growth, according to data from Shibburn, which gave the SHIB community and cryptocurrency fans hope.

According to Shibburn, the burn rate increased by 335%, with over 298 million SHIB tokens burned in the last day. This result aligns with the recent upward trend in Shiba Inu prices, which have increased by more than 31% in the previous week.

Three huge burn transactions that destroyed over 295 million SHIB in less than eight hours caused the most recent spike in burn rates. In the first transaction, 46 million SHIB tokens were damaged by the mystery wallet address 0xb23360ccdd9ed1b…09c8d7c460.

A few hours later, the wallet address 0xda51fc5ffbc6a99…93a2f57705**, the largest involved in the burn initiative, sent 211,489,784 SHIB to the burn wallet in the second transaction. An hour later, the wallet address 0x607ef3782f60074…ca6c396b74 initiated the third transaction, burning 37,907,585 Shiba Inu tokens.

Shiba Inu burn rate
Daily burn rate of Shiba Inus increased by 335.94% | Source: Shibburn

Interestingly, the burn rate of the Shiba Inu effort has increased significantly over the last week, increasing by 5,030% to nearly 14 billion SHIB destroyed.

The Shiba Inu team’s recent massive burn was the cause of this rise. The group destroyed over 13.4 billion tokens on Saturday, March 9, with a total worth of $485,000 at the time of the transaction.

A burn tracking platform reports that since its launch in 2021, a staggering 410.72 trillion SHIB have been burned. This has resulted in a higher total circulating supply, currently sitting at 582.

Shytoshi Kusama Discusses The Comparison Between Floki Burn And SHIB

Even though the SHIB burn rate has increased, some community members are still unhappy with the outcome. An anonymous user on the social media platform X questioned Shytoshi Kusama, the project’s principal developer, about why he cannot burn one trillion SHIB like his competitor, Floki Inu.

In contrast to Floki developers, Kusama retorted, stating, “he does not have a trillion SHIB to burn.” He added that before his involvement, the project was “6 months and completely decentralized,” as a result, he did these burns solely for the good of the community.

Shiba Inu
SHIB trading at $0.00003460 on the 1D chart | Source: SHIBUSDT on Tradingview.com

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