Shiba Burning is not slowing down.
The burn rate of Shiba Inu (SHIB) tokens skyrocketed as over 303.68 million Shiba Inu (SHIB) tokens have been destroyed by community-led initiatives within the past 24 hours.
Shibburn.com recently revealed via a tweet that it had tracked five transactions towards a dead wallet during the past 24 hours. Through these transactions, 303,686,273 (303.68M) Shiba Inu tokens have been taken out of circulation forever.
In the past 24 hours, there have been a total of 303,686,273 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 29, 2022
As per data provided by Shibburn.com, the burn rate is showing an increase of a whopping 3043.73% over the last day, when only 7,703,474 (7.70M) tokens were reported be destroyed.
Two massive transactions were tracked towards a dead wallet responsible for a surge in burn rate. These transactions were carried out with a gap of almost 9 hours.
However, both of these transactions are mysterious as nobody has come up to claim these burns yet.
Impact on SHIB Price:
SHIB price manages to reclaim a 15 billion USD market cap and is currently trading at $0.00002791, up 7% over the last day. At the same time, the 24-hour trading volume for dog-themed cryptocurrency also skyrockets over 239% to $3,757,221,328 ($3.75B) compared to the previous day.
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