Shiba Inu Burn Rate Surges Nearly 200% Amid Price Recovery

Shiba Inu (SHIB), known as the “Doge Killer” in the cryptocurrency realm, has witnessed a substantial surge in its burn rate, resulting in the removal of millions of coins from circulation.

Intense Burn Activity for Shiba Inu

Shibburn, the platform monitoring Shiba Inu’s burn activity, reports a remarkable increase in the burn rate over the last 24 hours. According to Shibburn’s data, the burn rate has surged by nearly 200% during this period.

Shibburn discloses that over 7 million SHIB tokens were burned in the past 24 hours, bringing the total burnt SHIB to 7,648,382 and marking a staggering 191.69% increase in the burn rate.

This surge was primarily fueled by two substantial burn transactions, wherein a total of 7,621,237 Shiba Inu tokens were incinerated within an hour, as reported by Shibburn. The first transaction involved an unknown wallet address (0xa9d1e08c7793af6…7fb81d3e43) burning approximately 3.60 million SHIB over 8 hours ago. Shortly afterward, a separate wallet address contributed about 4.01 million SHIB to the burn wallet.

The Shiba Inu burn initiative aims to reduce the circulating supply of SHIB tokens, ultimately diminishing the token’s overall supply. Consequently, this scarcity may enhance the value of Shiba Inu.

Current data from Shibburn indicates that Shiba Inu has burned around 410.70 trillion SHIB out of its initial supply of 999.98 trillion SHIB, resulting in a circulating supply of 581.35 trillion SHIB.

Massive SHIB Withdrawal From Coinbase

A recent report highlights a significant shift in SHIB tokens, prompting speculation within the community regarding the reasons behind this transfer. Etherscan reveals that an unidentified wallet address (0xe44755….240090257) moved a substantial 225 billion SHIB from the decentralized exchange Coinbase.

The withdrawal took place over two days through two transactions, transferring 132.22 billion SHIB in the first transaction and an additional 92.83 billion SHIB the following day. The unidentified wallet now holds about 225,057,952,422 SHIB, valued at $2.10 million.

This event has attracted the attention of traders and investors in the crypto market, coinciding with the recent 3% increase in SHIB’s price over the past 7 days, reaching $0.00000936. Meanwhile, its market cap has increased by 2%, and its trading volume has decreased by over 16% in the past day.