Shiba Inu Burn Rate Jumps 2372.57% Following Blaze Token Burn

What Could be Behind the 370% Increase in Shiba Inu's Burning in May?

In its most recent burning event, Blaze Token (BLZE), a newly-launched project dedicated to reducing the substantial supply of Shiba Inu (SHIB), successfully burned over 1.2 billion SHIB tokens. This latest burn brings the total number of SHIB tokens burned by Blaze Token to 7.9 billion since it joined the initiative. By undertaking these burnings, Blaze Token aims to demonstrate its strong dedication to the SHIB community and its commitment to reducing the overall supply of SHIB tokens.

Blaze Token recently announced the successful burning of 1,238,951,893 SHIB tokens. This burning event is a strategic move by the project to increase the value of the tokens by creating scarcity. By reducing the total supply of SHIB tokens through these burnings, Blaze Token aims to enhance the value proposition of the remaining tokens.

According to the project’s announcement, Blaze Token has independently burned an impressive total of 7,955,814,803 billion SHIB tokens so far. Alongside the substantial SHIB burn, Blaze Token also conducted a burn of over 441 million of its own native tokens, BLZE. 

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Upcoming Projects Excites Shiba Inu Community

The burn announcement has generated significant interest among members of the Shiba Inu community, with investors and supporters showing enthusiasm for collaborations with Blaze Token in upcoming projects.

It is crucial to clarify that the Shiba Inu token team is not associated with Blaze Token or actively involved in the burn event. Blaze Token has decided to burn SHIB tokens as part of its own project strategy and vision.

Earlier this month, Blaze Token conducted a burn event where they destroyed more than 2 billion SHIB tokens, equivalent to a value of nearly $20,000. Additionally, within a span of seven days, the project transferred an additional 3.7 billion Shiba Inu tokens to a dead wallet.

Shib Burn Rate

According to Shibburn, a community-driven Shiba Inu burn tracker, the burn rate of Shiba Inu has increased by 2372.57% in the last 24 hours following the recent burn transaction. Fxcryptonews reported that the SHIB burn rate reached 26,000% a week ago, one of the highest rates observed recently. As of now, a total of 410.6 trillion SHIB tokens have been burned to date.

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