The meme coin realm is dominated by Dogecoin and Shiba Inu. Even though both of these coins lead the meme coin realm, there is an ongoing battle over which is better. Even though Dogecoin paved the road for the meme coins, Shiba Inu has been putting up a tough fight to dethrone Dogecoin.
One primary factor that is lagging SHIB behind DOGE is its price. The burn initiative is where a certain number of tokens or coins are sent to dead wallets. This is done with the goal of reducing the supply, creating scarcity, and helping boost the price in the long term.
According to the latest details from Shibburn, the Shiba Inu burn rate has gone over the roof with a 1344% in the last 24 hours.
Also read: Polygon Labs Collaborate with Unstoppable Domains to Launch .polygon
451 million Shiba Inu sent to dead wallets
Details from Shibburn reveal that 451,761,151 SHIB has been sent to dead wallets. The large volume of burns happened in one single transaction an hour ago at press time. The burning of such a huge volume of SHIB has been quite rare until the recent launch of Shibarium beta.
Developers had stated that Shibarium will aid in ramping up the Burn game. After the launch of Shbarium beta, the burn rate has been on a consistent upward trend. Two days ago, another transaction recorded 591 million SHIB sent to dead wallets. Shytoshi Kusama, the lead developer of Shiba Inu, also addressed the fact that the burn rate will greatly depend on the number of transactions.
According to details from Shibburn, 410,389,197,358,304 SHIB has been burned from the initial supply. Shiba Inu is trading at $0.00001117 at press time, with a 3.9% gain in value during the last seven days.