The largest dog-themed memecoin operating on the Ethereum (ETH) Blockchain, Shiba Inu (SHIB), has once again become a hot topic in the cryptocurrency world due to an increase in its token burn rate. The token burn rate of Shiba Inu has surged by over 600%, leading to various speculations. According to on-chain data compiled by a platform that tracks SHIB burns, Shibburn, 115.76 million SHIB tokens were burned and removed from circulation in the last 24 hours.
Shiba Inu’s Token Burn Rate Increases with the Support of the Community
According to Shibburn’s data, Shiba Inu’s token burn rate has increased by 660.22% in the last 24 hours. The data reveals that the majority of SHIB burns during this period were supported by transfers to a dead wallet address from the Shiba Inu community. Consequently, the community has removed a total of 111.66 million SHIB from circulation by transferring it to a dead wallet address. Notably, two wallet addresses contributed to the triple-digit increase in the token burn rate.
On-chain data shows that a wallet address starting with 0xc60… burned 2.1 million SHIB, while another address starting with 0xa9d… burned 1.66 million SHIB. This extraordinary increase in the token’s burn rate has caught the attention of cryptocurrency traders and investors.
Interestingly, the memecoin’s price experienced a rapid jump following the increase in the burn rate. The primary reason for this is attributed to the reduction in the total circulating supply of the altcoin while demand remains steady or increases.
The Rise in SHIB’s Price
The price of Shiba Inu’s SHIB has risen by 2.04% in the last 24 hours and is currently trading at $0.000009058. Additionally, data indicates that the memecoin’s price has increased by 1.53% over a weekly period.
The recent rise in the altcoin’s price seems to stem from the continuous significant increase in the token burn rate, reflecting the community’s efforts to constructively change SHIB tokenomics by reducing it.
