Shiba Inu owners have quickly burned through millions of SHIB.
According to a tweet from the Shiba Inu burn tracker Shibburn, Shiba Inu owners burned 24 million SHIB in an hour today.
This occurred in two transactions, the platform claims.
Shibburn tweeted, “In the past hour, there have been 24,006,723 SHIB tokens burned and two transactions.”
Significantly, a user sent roughly 4.8 million SHIB to the burn wallet before another user transferred another 19.2 million SHIB.
According to a subsequent tweet from the SHIB burn tracker, nearly 48 million SHIB have been burned in the previous 24 hours.
As a result, the burn rate has increased by 67% over the past 24 hours.
As reported on Saturday, a single user who held more than 300 billion SHIB transferred over 27 million SHIB to the burn wallet, causing a startling 64% increase in the Shiba Inu burn rate.
It’s important to remember that the burn portal went live in April of this year in response to requests from Shiba Inu holders for a mechanism to lower the one quadrillion SHIB supply.
According to data from Shibburn, the community has now burned more than 410 trillion SHIB, or 41% of the initial supply.
Holders have decreased the entire SHIB supply from 1 quadrillion to 589.6 trillion, with only 562.7 trillion now in circulation.
666 million SHIB were permanently taken out of circulation by the community in just November. In December, they would like to surpass this.
Despite the rising burns, SHIB is selling at $0.000008301, down 3.45% over the last seven days.
It happens as the bear market demand for cryptocurrencies dwindles. According to data from IntoTheBlock, the number of addresses is only increasing by a meager 0.41%.