Shiba Inu has gained considerable popularity in recent years. It has garnered a strong following known as the “SHIB army,” propelling it to become the second-largest meme coin.
The Shiba Inu team has undertaken various initiatives, such as Shiba Eternity, SHIB Metaverse, and Shibarium, to further develop the project. One aspect that the SHIB developers have focused on is the burn mechanism.
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The SHIB burn mechanism functions by transferring SHIB tokens to inactive wallets, effectively reducing the overall supply. This strategy aims to create scarcity and potentially drive up the coin’s value in the future. Recent data from Shibburn reveals a significant shift in the burn rate, which has surged by an astonishing 13165.60% within the past 24 hours.
1.7 billion Shiba Inu burned
Over the past 24 hours, there has been a notable increase in the transfer of SHIB tokens to inactive wallets, resulting in the movement of more than 1.7 billion SHIB. Notably, one transaction occurred 22 hours ago, involving the transfer of 1.69 billion SHIB.
This surge in the burn rate signifies a significant departure from the slowdown observed in recent days. However, despite this substantial increase, the price of SHIB has not experienced any significant impact. At the time of writing, according to CoinMarketCap, SHIB is trading at $0.000008866, and it has recorded a 1.75% drop in value over the last 24 hours.
The second-largest meme coin has taken a blow to its head as it is down by 10% in the last seven days and 18.75% in the last 30 days. The situation seems such that the meme coin frenzy of the last week has vanished, with SHIB adding one more zero to its price.