As the burn initiative keeps seeing spike after spike, the Shiba Inu community is riding high on burning SHIB. Millions of SHIB tokens were sent to dead wallets in the last 24 hours, causing the burn rate to increase significantly once again.
SHIB Burn Rate Scores Double Figures
Data on the Shibburn website indicates that the SHIB burn rate has skyrocketed in the past day, increasing by 421%. It is worth noting that the Shiba Inu community burned a little over one million tokens the day before.
In addition, there has been a remarkable 421% spike mentioned on the website, which is aided by the recent burning of 5.3 million tokens. It should be noted that less than 10 addresses were responsible for this significant rise in burning.
At the time of writing, there had been only six burn transactions, according to the burn tracking website. The data shows that there has been a substantial increase in token-burning activity compared to the prior day.
A significant change in community pattern has resulted in a significantly higher amount of tokens being withdrawn from circulation, as evidenced by the rise in token incineration. Curiously, a small number of addresses have been responsible for this rise in this burn rate. The rapid increase in burning activity highlights the high level of activity within the Shiba Inu community in participating in the activities within the token’s ecosystem.
Wallets Involved
Furthermore, data shows that half of the tokens sent to dead wallets came from one wallet (0x9d1e); this wallet performed two SHIB burn transactions. This particular wallet burned more than 2.5 million tokens in one of these transactions, while it burnt approximately 1.78 million tokens in the second transaction.
Another separate wallet, “0x60812,” also burned 1 million tokens during the process. Throughout the day, there were a few other burn transactions, but their combined burnt tokens weren’t up to 1 million tokens.
An important part of the larger pattern that has been going on for the last week has been the increase in daily burn activities. According to Shibburn’s data, the weekly burn rate is now up by 4,145% after the burn transactions of yesterday.
The unprecedented burning of more than 8.6 billion tokens in the past seven days indicates a significant effort in reducing the supply circulation of SHIB tokens.
What’s Driving The SHIB Burn Rate?
It is worth noting that the Shiba Inu development team recently took strategic measures that have led to this unprecedented increase in the SHIB burn rate. The idea to buy SHIB tokens expressly for burning was revealed by lead developer Shytoshi Kusama using accrued fees on the Shibarium network.
Following the implantation of this tactic, the crew has completed two major burn events. The Shiba Inu team’s massive 8.2 billion token burn seventeen days ago was the first major burn. The total burn rate increased by 7.6 million percent as a result of this action.
Two weeks later, the team sent another 8.2 billion SHIB tokens to dead wallets, increasing the total burn rate by more than 770,000%. Meanwhile, many SHIB community members are already anticipating the next burn event after the Shiba Inu team announced its intention to withdraw $1.2 million worth of SHIB tokens from circulation at the next burn event.
