- One user destroyed 25,04 million SHIB in a single transaction, increasing the 24-hour burn rate by 1034% and the 7-day burn rate by 132%.
- However, the increase in combustion rate did not lead to a rise in price. Shiba Inu.
Over the last 24 hours, burn rate Shiba Inu (SHIB) increased by 1,034%, as 25,04 million meme tokens were destroyed in a single transaction a few hours ago.
Meme Token Burn Transactions Shiba Inu
On According to Shibburn saw its burn rate rise 132% in a week, reversing a 62% drop the week before.
While the speed of meme token withdrawals appears impressive, in reality, almost all of these transactions were conducted from a single wallet. A transaction for 25,049,075 SHIB ($148,99) accounted for almost the entire daily transaction volume.
The community is burning tokens from the shib.shi4gud.eth wallet and another address, which hold 300,158 and 155,164 memcoins, respectively, representing only a small portion of the total supply. The destruction of SHIB from a single wallet is noteworthy, but it’s unlikely to be related to a sustainable supply reduction. This is precisely what determines the price’s growth. Shiba Inu in the long term.
For this reason, the news of the 1,034% increase in the burn rate did not affect the sentiment of the crypto community. According to CoinMarketCap, SHIB has fallen 0,32% to $0,000006274 over the past 24 hours.
If the first memecoin Dogecoin continues to remain in the top 10 cryptocurrencies by market capitalization, then Shiba Inu is gradually losing ground, having already dropped out of the top 30. The project’s marketing director, Lucie, reassures cryptocurrency holders that SHIB is still afloat.
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