The Burn Rate of Shiba Inu (SHIB) Cryptocurrency Surged a Staggering 8470%

This surge came after an anonymous wallet carried out a massive token burn. According to Shibburn, a popular tracker, a mysterious wallet sent 1 billion SHIB tokens

The burn rate of Shiba Inu (CRYPTO: SHIB) cryptocurrency surged a staggering 8,470% as an anonymous wallet carried out a massive token burn. According to Shibburn, a popular tracker, a mysterious wallet sent 1 billion SHIB tokens to a special address, known as the official burn address, in a single transaction.

At the time of writing, SHIB is trading at $0.00001305 for a market capitalization of $7.1 billion. According to Etherscan records, this mysterious wallet has been involved in several large-scale burns and has burned a huge amount of SHIB tokens.

The transaction was valued at approximately $13,050, according to on-chain data. The anonymous wallet, also known as a hot wallet, still has 1 billion SHIB left, which is currently worth around $13,050.

According to the data, the wallet burned 1 billion SHIB on March 15, 1 billion SHIB on August 7, and 700 million SHIB on February 10.

What Else For Shiba Inu

The Shiba Inu community has also been actively contributing to reducing the token’s circulating supply. In the past 24 hours, a total of 1.004 billion SHIB were burned through 14 transactions.

Notably, the ShibArmyStrong team burned 20,933 SHIB through five transactions. These combined efforts resulted in an astonishing 8,470% increase in SHIB’s burn rate.

To date, as of now, more than 410.74 trillion SHIB have been permanently removed from circulation.

The continued efforts of the Shiba Inu community to reduce the SHIB supply highlight a long-term strategy to boost the token’s value. However, investors are advised to exercise caution and conduct their own research before making any financial decisions.

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