Within the past 24 hours, two transactions saw a total of 12.87 million Shiba Inu SHIB/USD tokens burned, marking a 60.30% increase in the SHIB token burn rate.
What Happened: Over the last seven days, Shibburn, a Shiba Inu burn rate tracker, reported that a total of 1.7 trillion SHIB tokens have been burned in 20 transactions.
This significant token burn rate is a part of the Shibburn initiative to decrease the total supply of SHIB tokens, and it entails a deliberate and permanent removal of tokens from circulation, thereby reducing the token’s overall supply.
See More:The Art Of The Future: Lisa Ray’s TheUpsideSpace Bring NFTs To Center Stage
Why It Matters: The total amount of SHIB tokens burned now amounts to 410 trillion from the initial supply of 1 quadrillion SHIB, indicating that over 40% of the starting SHIB token supply has been burned.
The increase in burn rate comes as Linda Yaccarino, the newly appointed CEO of Twitter, has been spotted following the Shiba Inu meme coin on the social media platform.
Price Action: SHIB was trading at $0.00000891, up 1.01%, in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Investor Optimism: Analyst Says Buy King Crypto When ‘There’s Blood On The Streets,’ Predicts $35K Level
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
