Shiba Inu (SHIB) Burn Rate Up 200% As 196M Tokens Sent To Dead Wallets

Nearly 200 million Shiba Inu SHIB/USD tokens were sent to the burn wallets on Sunday.

What Happened: Data from Shibburn shows that 196,820,007 SHIB tokens were burned over 25 transactions, sending the burn rate up 231% over 24 hours.

In the past 24 hours, there have been a total of 196,820,007 $SHIB tokens burned and 25 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) July 10, 2022

A token burn involves sending cryptocurrency to a dead wallet that can hold funds but never send them out, effectively removing the coins from circulation. At the time of writing, 410 trillion SHIB tokens have been burnt from the initial circulating supply.

Until recently, Shiba Inu burns were largely a community-driven effort where SHIB investors would send their tokens to burn wallets with the purpose of lowering its overall supply.

In April, Shiba Inu launched its own token burning portal which saw 8 billion tokens within the first 24 hours.

So far, these token burns have not been successful in reducing supply enough to drive up SHIB’s price. At press time, SHIB was trading at $0.00001104, down 2.93% over 24 hours, as per data from Benzinga Pro,.

Even with weaker price action, data shows that whales have been consistently adding to their holdings. According to a Monday update from WhaleStats, the top 1000 Ethereum ETH/USD wallets hold $624 million worth of SHIB.