Shiba Inu, the second most valuable memecoin, is maintaining its stand in the crypto market in the past 24 hours as its burn rate boosts by 235%. This development saw about 400 million tokens burnt out of circulation by the Shib Army.
Shibburn, a dedicated SHIB burning data tracker, 383,694,987 SHIBs were sent to dead wallets in the last 24 hours alone. This surge in burn rate comes as no surprise as the Shiba Inu community continues to support the memecoin by increasing its value through the SHIB Burn Portal.
Interestingly, it took 15 transactions to burn over 400 million tokens in 24 hours. While the most significant burn volume was 199,210,326 SHIB tokens, an unknown wallet also destroyed 160,549,026 SHIBs.
Other community members sent tokens amounting to millions to inferno wallets in single transactions. Due to the many large volume burn transactions, the SHIB’s burn rate in the last 24 hours rose above 235% at the time of writing.
The Shib Army has taken the burning exercise to the next level in a bid to reduce the circulation supply of the memecoin. According to a recent report, the SHIB community burned over 100 million SHIB tokens within two days.
Shiba Inu Burn in the Past Hour
Despite the decline in the price of Shiba Inu alongside many popular cryptos, the active ShibArmy destroyed more than 6 million SHIB tokens in the last hour.
Shibburn also tweeted;
“In the past hour, there have been a total of 6,316,007 SHIB tokens burned and one transaction.”
So far, the dog-themed token’s price has fallen over 6.5%, exchanging hands for $0.00001203 at press time, according to CoinMarketCap.