After the Shiba Inu community slowed down in burning activity the previous day, the burn rate of the popular meme coin SHIB is picking up speed again. More than 67 million Shib tokens were sent to wallets that are irreversible within 24 hours.
Shiba Inu has been among the top performing cryptocurrencies in recent days and has been trending for several days on the leading crypto data monitoring platform Coinmarketcap.
As a result, the decentralized meme coin (SHIB) price rose significantly on August 14 after trading below the $0.00001 level for weeks. While this price increase, the burning rate of Shiba Inu (SHIB) decreased significantly. According to the website Shibburn, a platform that tracks SHIB burn activity, the SHIB burn rate dropped by over 75% on August 17.
Increase in Breast Coin Burn Rate
The Shiba Inu community is back in the business of burning massive amounts of meme coins on a daily basis. The overall goal of this activity is to reduce the circulating supply of the meme coin to help the price of the digital asset grow tremendously. And given the recent price hikes in the market, the SHIB burning initiative is starting to bear fruit.
Notably, Shib’s burn rate increased by more than 342% compared to the number burned on August 17. According to Shibburn.com, over 64 million SHIBs have been destroyed in the last 24 hours.
In the past 24 hours, there have been a total of 64,506,471 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 18, 2022
Shibburn also announced that 4,306,870 SHIB tokens have been removed from circulation in 4 transactions in the last 4 hours.
Total 1,861,986 SHIB tokens in one transaction cremated. 2,000,000 meme coins were then transferred in equal amounts to a wallet irreversibly in two transactions. 444,884 SHIBs were destroyed in the 4th transaction.
You can follow the current price action here.
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