While the Shiba Inu price has recently stabilized, the Shiba Inu community has seen a remarkable increase in SHIB burn activities over the last few days.
The burn rate, which represents the number of SHIB tokens irreversibly sent to unrecoverable wallets, has increased by over 2,700%.
This increased burning reflects the community’s efforts to reduce total SHIB supply and possibly influence price movements.
SHIB tokens are typically burned infrequently, with any investor able to participate by sending tokens to one of three SHIB burn addresses.
The Shiba Inu team has actively encouraged community members to participate in burning activities to increase the overall burn rate.
Shibbburn, the official SHIB burn tracker, reports that the burn wallets associated with Shiba Inu have seen an increase in burn transactions over the last day.
Notably, four significant transactions contributed to this increase, the largest of which involved the burning of 13,140,241 SHIB tokens from the address “0xa034.”
As a result, the SHIB burn rate increased by 2,752%, resulting in the incineration of over 14.8 million SHIB tokens. This significant increase contrasts with the previous day’s figures, which showed that approximately 2.5 million SHIB tokens were sent to burn addresses.
The Shiba Inu team has actively participated in SHIB burns this month, completing four transactions and burning 33.8 billion tokens.
The SHIB community as a whole has successfully removed 410.69 trillion tokens from the initial SHIB token supply. Shiba Inu’s circulating supply is 581 million tokens at the time of writing.
