In a demonstration of token destruction, a wallet set fire to the Shiba Inu (SHIB) community by destroying large amounts of SHIB tokens. According to data from Shiba Inu burn tracker, Shibburn, the Shiba Inu burn rate has now increased by 2,372% in the last 24 hours due to a burn from a wallet.
The burn has not only increased the SHIB burn rate but can also be attributed to the current spike in Shiba Inu which has increased by more than 2% in the last 24 hours.
Shiba Inu Burn Rate Increase
According to data from Shibburn, in the last 24 hours, the Shiba Inu community has transferred roughly 1.24 billion SHIB to a designated “dead wallet,” permanently removing these tokens from circulation. A a wallet burned approximately 1.23 billion SHIB tokens in the last 24 hours.
Related Reading: Shiba Inu All Green Now – What’s the Energy Behind the Light?
Amazingly, the identity behind the wallet that burns this huge amount of tokens Revelation which will be the Blaze token team. orut of all SHIB tokens burned in the last 24 hours, Blaze Token burned a total of 1.23 billion tokens.
Executed about 12 hours ago, this massive burn event now pushes the number of burned SHIB in Blaze Token to about 7.9 billion in total.
While the recent burn event may have caused some excitement in the SHIB community, it’s worth noting that there is more to come especially with the launch of Shibarium.
Shibarium is a uThe main blockchain technology that plays an important role in facilitating the combustion mechanism of Shiba Inu. According to the blockchain developers in a recent series of tweets, every transaction on the Shibarium network will result in the burning of the Shiba Inu (SHIB) token.
SHIB Records Upward Momentum
After significant burning, the SHIB token price has taken an upward momentum in the last 24 hours. During this period, SHIB increased by more than 2%. The meme coin is now sold at $0.00000905 from Monday’s low of $0.00000885.
The market capitalization of SHIB also recorded a slight increase. In the past 24 hours, more than $100 million has been added to SHIB’s market cap bringing the token’s total cap to nearly $5.3 billion while still ranking as the 16th largest cryptocurrency by market cap.
Related Reading: Shibarium Developers Say Every On-Chain Transaction Will Burn SHIB Tokens
Interestingly, SHIB’s trading volume has decreased. The meme coin’s 24-hour trading volume currently stands at $156 million, a drop from the volume high of $186 million seen earlier this morning.
The price increase from SHIB suggests that the market has responded well to the reduction in circulating supply. As supply decreases, the scarcity of SHIB tokens may contribute to increased demand and potential price increases in the long run.
Featured image from Shutterstock, Chart from TradingView
