Shiba Inu Burns EXPLODE! 1.4 Billion SHIB Destroyed in 24 Hours – Burn Rate Skyrockets to 26,000%+!
Shiba Inu (SHIB) is making headlines again! Investors are excited as the Shiba Inu burn rate saw an enormous spike, increasing by a staggering amount in the past 24 hours. But how much SHIB was burned and what does this mean for the future of the popular meme coin?
1.4 Billion SHIB Gone!
According to shibburn, a dedicated Shiba Inu burn tracker, a massive 1.4 billion SHIB tokens were burned in just 24 hours! This significant reduction in circulating supply is a key factor for many SHIB enthusiasts.
Astonishing Burn Rate: Up to 26,592%!
As per the statistics by shibburn, 1.4 billion SHIB at a burn rate of 26,592% has been burned in the last 24 hours. Such a drastic increase in the burn rate is unprecedented and has caught the attention of the crypto community.
Why Burn SHIB Tokens?
The burn process involves sending SHIB tokens to a digital wallet from which they cannot be retrieved. This effectively removes them from circulation, potentially increasing the scarcity and value of the remaining tokens. Earlier in March, SHIB's burn rate reached 6,700 percent, resulting in considerable token removal.
Previous Burn Spikes and Whale Activity
This isn't the first time we've seen significant SHIB burns. Recently, Shiba Inu's token supply saw significant cuts with a 486% spike in burn rate, erasing 1.4 billion SHIB in 24 hours. This event followed $245.63 million in whale transactions, suggesting significant market activity.
Looking Ahead for SHIB
The recent surge in SHIB burns, with the Shiba Inu burn rate reaching unbelievable numbers, demonstrates the community's commitment to reducing the token supply. According to the official tracker Shibburn's data on May 1, the Shiba Inu burn rate skyrocketed % in just 24 hours. As per the data, this massive surge is something to watch! Will this trend continue and what impact will it have on the price of SHIB? Keep an eye on the latest Shiba Inu news and burn data for updates.