The burn rate of the popular meme coin Shiba Inu (SHIB) has increased by 9562% in the last 24 hours. During this time, 933,085,386 SHIBs were removed from circulation with the joint efforts of the community.
This huge burning event took place in 56 transactions. The largest transaction was 924,150,949 meme coins burned by Koyo Token. KoyoToken, a newly emerged token, held this big burn event about 5 hours before press time. However, the community-focused token has destroyed 4,631,179,336 (4.63B) SHIBs so far.
The amount of burns that took place in this one-shot was so great that Shiba Inu lead developer Shytoshi Kusama also expressed his excitement about the issue.
Woof!
— Shytoshi Kusama™ (@ShytoshiKusama) March 17, 2023
NEWS CONTINUES BELOW
The low price and high circulating supply of the Shiba Inu (SHIB) are among the factors that make the meme coin attractive. Another factor contributing to SHIB’s success is its decentralized exchange (DEX) ShibaSwap. ShibaSwap has seen significant growth in trading volume and liquidity since its launch, increasing its value by attracting more investors to SHIB.
Finally, after the big burn, the price of the Shiba Inu rose 3.08% to $0.0000108. Meme coin has seen a significant trading volume of $238,664,512 ($238.66 million) in the last 24 hours.
You can follow the current price action here.