The popular meme coin Shiba Inu (SHIB) has witnessed a notable increase in its burn rate. Data at Shibburn revealed that SHIB’s burn rate increased by 195% compared to the previous day. According to the data, a large amount of Shiba Inu tokens have been removed from circulation in the last 24 hours through the joint efforts of the SHIB community. Over 26 million SHIB transferred to dead-unused wallets. Here are the details.
SHIB burning
The Shiba Inu community has managed to remove 26,575,349 (26 million) SHIBs from circulation forever in five separate transactions in the last 24 hours.
The mysterious wallet holding 2.26 Billion Shiba Inu made the biggest burn of the day. A mysterious wallet ending in 47ab0f sent an astonishing 15,575,349 (15.57 million) SHIB to the unknown wallet through two separate transactions. Thus, approximately 50% of the total amount of SHIB burned was removed from circulation in a single transfer.
These massive burns resulted in a 195% increase in the overall burn rate compared to the previous day when only 9,000,000 (9 million) SHIBs were removed from circulation. These burns came after a large whale purchase. As we reported earlier, a large ETH whale named “BlueWhale0073” added $3,325,906 311,998,734,794 SHIB to its portfolio in two separate transactions.
Still, all these burns are very small, no matter how high the percentage, as there are 574,067,791,438,648 Shiba Inu in circulation. So burns have almost no effect on the Shiba Inu price.
ShibaSwap 2.0
Alongside the burns, the Shiba Inu ecosystem continues to make headlines, revealing many exciting developments.
In a recent Telegram chat, SHIB lead developer Shytoshi Kusama hinted that ShibaSwap 2.0 will be released soon. According to Kusama, the Shiba Inu team is working tirelessly to bring this exciting new development to life. While Kusama hasn’t said anything specific about the official release date, he has confirmed that it will be coming “soon”.
At press time, the second most popular meme coin SHIB is trading at $0.00001058 after a 2.92% drop over the past 24 hours.
You can follow the current price action here.
Source : the crypto basic