According to Shibburn data, the leading meme coin Shiba Inu, recorded a significant increase in token burn in the last 24 hours.
In addition to the efforts of the developer team and the contribution from the community, developments that had slowed down a while ago have gained momentum again. According to data, SHIB cremations have increased by 2224% in the last 24 hours. However, when the amount of burning was limited to 5 million, the final burning rate was much higher than the satisfactory level. was under.
HOURLY SHIB UPDATE$SHIB Price: $0.00000981 (1hr -0.01% ▼ | 24hr 2.41% ▲ )
Market Cap: $5,787,466,397 (2.60% ▲)
Total Supply: 589,301,781,228,909TOKENS BURNT
Past 24Hrs: 5,203,527 (2274.64% ▲)
Past 7 Days: 377,996,785 (-95.66% ▼)NEWS CONTINUES BELOW— Shibburn (@shibburn) January 5, 2024
According to data from Shibburn, three wallet addresses were the primary reason for the increase in burn rate. In particular, wallet address 0xa9d1…67e9 burned 3 million SHIB in two transactions, while wallet address 0x60812…253d burned 1 million SHIB.
The latest increase in burn rate comes as a continuation of ongoing efforts by the Shiba Inu developer team and community to tighten the token supply. Expectations are that reducing SHIB supply, along with other community efforts, will help increase the value of the meme coin.
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Meanwhile, the increase in burn rate coincides with an increase in daily transactions on the layer-2 network Shibarium. Transactions on the network have plummeted following the Bitcoin-led flash crash earlier this week.