Shiba Inu, has managed to attract the attention of the crypto community with its latest developments. According to Shibburn, the token burn rate increased by an average of 570% on May 22. The increasing burn rate has triggered market optimism among traders and investors.
Shiba Inu Coin Burn Rate Increased Dramatically
This significant increase in the slaughter rate has the potential to have positive effects on the tokenomics of Shiba Inu by reducing their market supply. In the last 24 hours, the burn rate has skyrocketed by 569.50%, according to Shibburn. During this time, a total of 12.70 million SHIB tokens were burned in several transactions carried out by the community. Four specific wallet addresses played a significant role in this increase.
One of the wallet addresses, 0xa9d1…, received 4.6 million with two large transactions recorded a few hours ago. meme coinTransferred to a dead wallet. Additionally, another wallet address, 0x608…, moved 1.01 million SHIB to a dead wallet during the same period. These large operations were decisive in the increase in the Shiba Inu cremation rate.
Besides this, another community wallet, 0xc66…., contributed to the burn rate increase by moving 1.04 million SHIB tokens to a dead wallet. Therefore, the total number of SHIB tokens burned reached a whopping 410.72 trillion. The reduction in supply resulting from these incinerations is seen as a potential catalyst that will increase the value of SHIB.
For context, a low supply combined with steady or increasing demand can lead to an increase in the price of any asset, including cryptocurrencies. This development has brought a wave of optimism to the Shiba Inu community, and many traders and investors are closely following the progress of the meme coin.
