Shiba Inu Burn Rate Skyrockets 6847% in 24 Hours
Shiba Inu experienced a dramatic surge in its burn rate over the past 24 hours, with over 297 million SHIB tokens removed from circulation. According to Shibburn, the total burn amounted to 297.68 million SHIB, marking a staggering 6,847.52% increase in the burn rate. The spike was largely driven by a single transaction that burned 297,572,672 SHIB, along with smaller burns from platforms like Uniswap, Coinbase, and Robinhood.
Over the past week, the total number of SHIB tokens burned reached 394.28 million, pushing the weekly burn rate up by 1,821.15%. This adds to a total of 666.97 million SHIB burned in the last 30 days. The increased burn rate is part of ongoing efforts to reduce the circulating supply of SHIB, potentially impacting its price dynamics.
In related developments, Shiba Inu has been integrated into the Solana ecosystem via Sunrise, making it accessible within various Solana-based decentralized finance (DeFi) applications like Jupiter, Raydium, Phantom, and Kamino. This integration allows users to access and trade SHIB directly within the Solana DeFi ecosystem without needing to leave it.
At the time of writing, the price of SHIB was down 0.95% over the past 24 hours, trading at $0.000005893. Despite this slight decline, SHIB remains up 2.09% on a weekly basis. The broader crypto market is seeing mixed trading, with investors awaiting the release of minutes from the Federal Reserve's last meeting for clues on future monetary policy.