First meme coin Shiba Inu recently recorded a staggering 600% increase in cremation rate. In this context, it created significant excitement in the community. This event, marked by the burning of more than 115 million of SHIB tokens in a 24-hour period, created a wave of excitement in the cryptocurrency market.
Shiba Inu Killing Rate Is Rising
Shibburn revealed surprising in-chain information about the Shiba Inu’s kill rate. On February 2, the Shiba community witnessed a remarkable 660.22% increase in cremation rate. This increase was driven by the burning of an eye-popping 115.76 million SHIB tokens and crypto- It instilled optimism again in the future of money.
According to Shibburn’s data, a significant portion of this burn rate increase can be attributed to the Shiba community’s decision to transfer 111.66 million SHIB tokens to an unusable wallet. In addition to this big move, two private wallet addresses, 0xc608… and 0xa9d…, contributed to the rise by burning 2.1 million and 1.66 million SHIB tokens respectively. The collective action of the community led to a significant increase in the burn rate, attracting the attention of crypto traders and investors worldwide.
One of the immediate results of this significant kill rate increase is a significant increase in the price of the Shiba Inu. This phenomenon can be explained by the decrease in the total circulating supply of tokens, which creates a feeling of scarcity associated with the increasing demand for SHIB tokens.
Koinfinans.com As we reported, at the time of writing, the price of the Shiba Inu has jumped 1.80% in the last 24 hours and its current trading value is $0.000009039. In addition, the weekly chart shows an increase of 0.27% and a decrease of 16.24% in market value.