In recent days, Shiba Inu (SHIB) tokens have been experiencing significant changes in line with market value fluctuations. According to data provided by Shibburn, there has been a notable increase in the amount of tokens sent for burning. The fact that this increase is happening alongside a price drop makes it even more interesting.
Massive Increase in SHIB Token Burning Rate
Throughout the past week, there was a noticeable slowdown in the token burning rate, which occurred simultaneously with a decline in the coin’s market price. The volume of cryptocurrency SHIB tokens set aside for destruction significantly decreased, leading to an overall reduction in the burning rate.
However, the situation changed dramatically in the following days of the week. The burning rate of Shiba Inu tokens, which are among the top twenty in the cryptocurrency world, showed a sharp increase largely due to the actions of the project’s lead developer.
According to data from Shibburn, there was a significant increase in the number of tokens sent to the burning address. In just 24 hours, 87.76 million SHIB tokens were burned, marking an impressive increase of 48,554.74% in the burning rate compared to previous figures. This notable increase involved transactions from just two wallets.
Two Wallets Responsible for Burning Transactions
The wallet labeled “0xb8001c3” was responsible for burning 61.9 million tokens on Wednesday. Following that, the “0xa9d1e0” wallet added another 25.85 million SHIB tokens to the burning process.
This sharp increase is in stark contrast to the activity of the previous day. The previous day saw only 180,375 tokens being burned. There was also a serious decline of 99.59% in the burning rate.
It appears that this latest increase is due to organic factors rather than intentional efforts by the Shiba Inu cryptocurrency team or changes in community sentiment.
SHIB Price Amidst Market Bloodbath
The cryptocurrency Shiba Inu‘s price was affected by the recent downturns just like other altcoins. Accordingly, we see that the SHIB price is currently at $0.00002440.
Shiba Inu‘s price had dropped to $0.00002140. The price seems to have recovered somewhat. However, it is evident that there is still a long way to go to reach the peak price of $0.00008854 for SHIB, the number two meme coin in the world.
