SHIB Burn Rate Is Up 258%


The Shibburn Twitter account representing the same-named burn tracker has declared on its website that the total Shiba Inu burn rate has increased by over 260 percent during the previous 24 hours.

According to its most recent tweet, a total of 58,173,918 meme tokens have been delivered to “inferno” wallets in the previous 24 hours, where SHIB is permanently frozen and cannot be spent or withdrawn. This quantity of Shiba Inu required 10 SHIB army transfers to move.

Regularly, the community transfers SHIB to dead wallets in an effort to reduce the amount of SHIB in circulation and make it a more valuable asset. In principle, this should increase the price of the token in the future. However, now that nearly half of the available supply has been used, the price has not changed.

In the meanwhile, while some individuals are burning SHIB, others are profitably selling it. According to the Twitter user @shibaplay_, a mystery wallet has transferred a total of 367,551,968,153 Shiba Inu.

According to Etherscan, the transaction occurred around seven hours ago. The cryptocurrency was presumably delivered to the exchange for sale. This quantity of SHIB is equivalent to $4,759,797 at the time of this writing.

Also Read: Coinbase supports Tornado Cash users in their lawsuit against the Treasury Department

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