Shiba Inu Burn Rate Surges 348% as SHIB Army Increases Activity

In the last 24 hours, the burn rate of Shiba Inu (SHIB), the second most popular canine-themed crypto, has seen a significant increase. According to the Shibburn platform, the burn rate surged by over 348%, with a total of 21,508,945 SHIB transferred to unspendable blockchain wallets during this period. 

The most recent burn transactions included various amounts burned at different times. Thirteen hours ago, 120,000 SHIB were burned, followed by the transaction of 21,315,658 SHIB. Twenty-three hours ago, another 64,495 SHIB were burned. 

Yesterday saw two transactions, with 28,791 SHIB and 100,000 SHIB burned, respectively. Two days ago, 296,433 SHIB and 1,000,000 SHIB were burned. Additionally, three days ago, there were multiple transactions with amounts ranging from 53 SHIB to 2,500,000 SHIB.

This recent spike in burn activity follows the three-year anniversary of Ethereum co-founder Vitalik Buterin burning 410 trillion SHIB. The SHIB community, often referred to as the SHIB Army, continues to engage in burn events as a strategy to reduce the circulating supply and potentially enhance the value of the remaining tokens.

As of the latest data, Shiba Inu’s total burn from the initial supply stands at 410,726,512,305,470 SHIB, with the maximum total supply capped at 999,982,356,876,276 SHIB. The current total supply is 589,273,487,694,529 SHIB, out of which 583,156,322,204,448 SHIB is circulating, and 6,117,165,490,081 SHIB is staked (xSHIB). 

The price of Shiba Inu at press time is $0.00002393, reflecting a 3.46% decline over the past 24 hours. The market capitalization stands at $14,127,179,757, down by 3.21%, with a 24-hour trading volume of $491,448,040. Shiba Inu (SHIB) has experienced a price decline of 4.10%, underperforming the global cryptocurrency market, which is down 0.80%.