The world of cryptocurrency was taken by surprise recently as the Shiba Inu (SHIB) token saw an unprecedented surge in its burn rate, with an incredible 31,000% increase in just a day.
Interestingly, the Shiba Inu investors have put up a record of 2,259,598,377 (2.25B) SHIB in the last 24 hours. This record was processed through six separate transactions, with mysterious wallet and Cultpunk emerging as the top contributors to the burn.
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According to reports, the total amount of SHIB tokens burned was 2.25 billion, an increase of 31,000% compared to the previous day. This is the highest burn rate ever recorded for the token and more than double the burn rate of the second-highest day on April 27th, which saw 1.03 billion SHIB tokens burned.
In the past 24 hours, there have been a total of 2,259,598,377 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) May 3, 2023
The surge in the burn rate of SHIB tokens is attributed to the recent surge in its price. This surge in the price of SHIB tokens has led to a significant increase in the number of SHIB tokens being burned, as the token holders are incentivized to burn their tokens in order to reduce their supply and drive up the price.
Read Also: Shiba Inu Army Burns 3.27 Billion SHIB in April as Community Determines to Push SHIB to $0.01
The surge in the burn rate of SHIB tokens has attracted the attention of the crypto community, with many speculating about the future of the token. Some have argued that the surge in the burn rate of SHIB tokens is a sign of increasing investor confidence in the token, while others have argued that it is simply a reflection of the current market sentiment.
Regardless of the speculation, The Shiba Inu coin is one of the trending topics on social media among investors. At the time of this report, Shiba Inu has attracted 536,000 tweets on Twitter with more trends still ongoing about the recent burn.
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