Shiba Inu Burns Over 20 Million Tokens Amid 1020% Daily Rate Spike
The Shiba Inu ecosystem has seen a significant surge in daily burn rate, reaching an impressive 1,020% increase. According to Shibburn, over 20.95 million SHIB tokens were sent to dead wallets within the last 24 hours, marking a substantial spike in token burn.
This sudden rise comes after days of relatively flat activity, with Shiba Inu's daily burn rate plummeting from over 40 million SHIB on August 23 to around 5 million SHIB. The trend continued downward, falling to 2,551,224 SHIB on August 29 before experiencing the sharp increase.
In the last seven days, a total of 85.48 million SHIB was burned, but the weekly burn rate dipped by 46.20%. Notably, over 607.34 million SHIB has been burned out of Shiba Inu's initial 1 quadrillion supply in 21,690 transactions.