Shiba Inu Community Disposes of 324 Million Tokens as Burn Rates Surges 332%

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Shiba Inu

The Shiba Inu community will be pleased to discover that the token’s burn rate grew 332% after removing over 324.21 Million SHIB tokens in the past 24 hours, despite the slump in SHIB prices.

In the past 24 hours, the memecoin dipped further to hit a new low price of $0.00000743, thereby creating the opportunity to burn more tokens at a lower cost. Hence, ShibArmy is taking full advantage of the down-market prices.

Shibburn.com, a SHIB Burn Tracking website, reported that the dog-themed cryptocurrency’s burn rate increased by 332% over the past day as the community disposed of 324,211,278 (324.21M) tokens through fifteen separate transactions.

Related: Top Whale Purchases 356 Billion Shiba Inu As SHIB Enters Historical “Demand Zone”

Interestingly, top ETH whales have driven their attention to the world’s 17th most prominent cryptocurrency. A recent report from WhaleStat showed that the key Ethereum investor named “BlueWhale0073” had accumulated 356.07 billion SHIB tokens worth $3 million in one crucial transaction.

Additionally, the memecoin has gained a total of 5,553 holders since the start of June. According to Etherscan.io, the total number of SHIB holders is currently 1,178,400 (1.17M). At the close of May, the count stood at around 1,172,847 (1.17M).

Impact on Shiba Inu Price

Despite all the positive developments in play, Shiba Inu could not retain its critical support level located at the $0.0000095 mark and dipped further below to hit a recent low of $0.00000743. Currently, the Dogecoin killer is trading at the price of $0.000008282, up more than 7.89% over the last day, with a 24-hour trading volume of $702,322,959 ($702.32M).

Read more: Shiba Inu Gains More Than 80% Support Against Dogecoin In A Twitter Survey