The popular meme coin Shiba Inu (SHIB) has entered a continuous uptrend in its burn rate following the staggering decline in the crypto markets. According to data from Shibburn, SHIB burn rate increased by 2,452.51% compared to the previous day.
602,508,566 (602 million) SHIB has been sent by the meme coin community to the dead-unused wallet in two separate transactions in the last 24 hours. So who carried out these burning processes?
Koinfinans.com First of all, as we reported, KoyoToken, a newly emerged token, burned 591,926,555 (591.92 million) meme coins in a single transaction performed about 22 hours ago. KoyoToken went live about a week ago, and according to data provided by Etherscan.io, the project has destroyed a total of 3,255,967,237 (3.25 billion) SHIBs so far.
Secondly, the well-known SHIB incineration project SHIB Super Store performed a significant incineration process, removing 10,582,010 (10.58 million) SHIBs from circulation approximately 15 hours ago.
Last week there was a shocking drop in the entire crypto market, and the Shiba Inu was inevitably affected by this drop. On the other hand, during this period, the burning rate of Shiba Inu saw a significant increase.
The burn rate turned into an increase in the price of the asset, which experienced a 4.75% increase in the last 24 hours. With the current recovery in price valuation, the Shiba Inu is trying to make up for the recent decline.
You can check the price movements here.