Shiba Inu, a meme coin, has become increasingly popular in recent years, attracting a robust community known as the “SHIB army.” As a result, it has risen to become the second-largest meme coin.
The Shiba Inu team has been engaged in several initiatives, including Shiba Eternity, SHIB Metaverse, and Shibarium. The SHIB developers have given significant attention to the burn mechanism.
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The SHIB burn mechanism works by transferring SHIB to inactive wallets and reducing the overall supply. This approach is designed to create scarcity and, potentially, increase the coin’s value in the future. The slowing burn rate has flipped direction. In the last 24 hours, the burn rate has skyrocketed by over 14584%, according to Shibburn data.
Over 2.2 billion Shiba Inu sent to dead wallets
Within the last 24 hours, there has been a significant increase in SHIB being transferred to inactive wallets, with over 2.25 billion SHIB being sent. Notably, a transaction that occurred eight hours ago at the time of writing involved the transfer of 246 million SHIB, and the one that occurred four hours ago involved 2 billion SHIB being sent to a dead wallet.
This surge in the burn rate marks a significant shift from the slowdown observed over the past few days. Despite this, the price of SHIB has remained unaffected. According to CoinMarketCap, SHIB is currently trading at $0.00000101 at the time of writing. SHIB is also up by 2.95% in the last 24 hours.