The burn rate of the Shiba inu token supply surged rapidly within 1 day, which further created another buying supportive factor for the Shib token.
Shiba Inu (Shib) is a popular meme crypto token which grabbed popularity in the initial phase of launch in Aug 2020, following the big rally in the trade price of Dogecoin (Doge) under the influence of Tesla CEO Elon Musk. The Shib token project was inspired by Dogecoin & grabbed popularity because of Musk’s appearance in a show in which he said that he loves Shiba inu pet dogs.
According to Shibburn, a Shiba Inu burn rate tracker website, Shib token has witnessed 27 million SHIB token burn. This amount of token burn represents a 1,800% increment in the burn rate in the last 24 hours.
The main credit for this sudden pump in the token burn rate goes to an anonymous party which sent 25 million SHIB tokens to a dead address, permanently taking them out of circulation.
With the help of the token burn mechanism, the Shiba Inu community aims to reduce the total supply of the network significantly.
So far, the total number of SHIB tokens burnt from the initial supply is 410.67 trillion. However, the current circulating supply stood at 580.51 trillion.
Available data showed that nearly 41% of those already removed from circulation. A famous Shiba Inu (SHIB) influencer and team member “Lucie” had previously said the project could burn 111 trillion tokens yearly.
In the last 24 hours, a sudden increment in the activity across the Shibarium blockchain was observed. As per reports it happened because of the recent stable increment in the trade price of Shib token & Bone token.
The current trade price of shib token is $0.00000960 & this trade price is 7.5% high over the last 7 days of trade price.
Read also: Current Institutional Bitcoin consumption is 10 times+ over Bitcoin production
Shiba Inu token burn rate pumps 1,800% within 24 hours, is a big pump coming?
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