SHIB Burn Rate Surges Many-fold
The Shiba Inu community has increased its SHIB burning efforts, causing a significant increase in the burn rate.
Despite the token’s tumbling price in the past seven days, the burn rate has risen by nearly 48,000%.
The community is determined to cut down the circulating supply, which many believe will positively impact the token’s price.
The SHIB burn rate has spiked 47,908% in the last 24 hours, with over 290 million tokens wiped off circulation.
The most notable burn transaction was a transfer of 28.15 million SHIB tokens by an unknown address, which occurred 15 hours ago.
The SHIB community has removed 410.66 trillion tokens from the initial SHIB token supply, leaving approximately 589.34 trillion coins remaining.
The circulating supply currently stands at approximately 580.4 million tokens.
(With inputs from Shikha Singh)
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