Shiba Inu Burn Rate Increases by 283%, With 175 Million SHIB Burned in 3 Transactions and 213 Million Burned in 24 Hours

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Shiba Inu

The Shiba Inu Community’s interest in Burns has grown as SHIB’s burn rate has suddenly increased in the last 24 hours.

Over the previous 24 hours, Shiba Inu Community sent 213,344,808 (213.34M) SHIB to the “inferno” addresses in 14 separate transactions.

Read also: Shiba Inu: Shytoshi Hints Shibarium Could Be Released Soon

Shiba Inu’s burn rate has increased by 283% in the last 24 hours, thanks to one of the Community-led Burn Initiatives called “1Cent Token,” which burned 90.64 million Shib tokens in a single significant transaction. In addition, the mysterious wallet destroyed 84.46 million in two separate transactions. In the last 24 hours, the Shiba Inu Community has destroyed 213.34 million SHIB.

The “1Cent” community-led burning project burned the most Shiba Inu in the previous 24 hours. The enigmatic wallet was ranked second on “Top SHIB Burners of the Day.”

1Cent

On Monday, August 29th, 1Cent held its Weekly Burn Event, destroying 90,648,714 (90.64M) SHIB in a single significant transaction. As “Proof of Burn,” the project shared a Burn Transaction link with the community.

According to the project’s official website, since March 14th, the 1Cent token has permanently removed a total of 2,983,469,032 (2.98B) SHIB from circulation in 26 separate transactions.

Related article: Shiba Inu Reaches 1 Billion Weekly Burn for the First Time Since July 18th

The Unknown Wallet

According to Etherscan.io data, the mysterious wallet sent 84,469,317 (84.46M) to the dead wallets in two separate transactions. The mysterious wallet made the first transaction nearly 17 hours ago, destroying 71,117,329 (71.11M) SHIB. After a minute, the wallet executed a second transaction, destroying another 13,351,988 (13.35M) SHIB.

SHIB Price Impact

Shiba Inu’s price has risen more than 5% in the last day to $0.00001257, with a 24-hour trading volume of $382,579,767 ($382.57M) as the Community’s interest in burning the most popular canine-themed cryptocurrency rises once more.