3,034% Increase in Shiba Inu Burns

Shiba Inu made the news throughout last week when the coin holders decided to burn their SHIB profit, resulting in the token price increase. However, these burn rates have grown even more extensive as over 303.68 million SHIB tokens have been transferred out of circulation within the past 24 hours.

According to Shibburn.com, via its official Twitter page, five transactions were generated towards a dead wallet in the past day and has overseen the burn of 303,686,273 Shiba Inu tokens.

From Shibburn’s data on its official website, the burn rate had a percentage increase of 3,043.73% in the last 24 hours. Before that period, only 7,703,474 tokens were reportedly destroyed.

In addition, two significant transactions were tracked towards a dead wallet responsible for a surge in burn rate, and these transactions took place within almost 9 hours. In the first transaction, 290,590,004 (290.59M) SHIB were transferred to the dead wallet, while in another transaction, 10,000,000 (10.0M) tokens were taken out of circulation.

However, both of these transactions are mysterious as nobody has come up to claim these burns yet.

How Shib Prices React to the Burn Rates

The token hit a $15 billion market cap, and it is currently trading at $0.00002791, a growth rate of 7% over the previous day. Furthermore, the 24-hour trading volume for meme coins also increased by 239% to $3,757,221,328 ($3.75B) compared to the last day.