Shiba Inu (SHIB), identified as the “Doge Killer” in the cryptocurrency sphere, has witnessed a striking surge in its burn rate, leading to the removal of millions of coins from circulation.
Surging Burn Rate for Shiba Inu
According to Shibburn, the platform monitoring Shiba Inu’s burn activity, the burn rate has experienced a substantial surge within the past day.Data from the tracking platform indicates that the burn has escalated by nearly 200% in the last 24 hours.
Shibburn disclosed that over the last 24 hours, more than 7 million SHIB tokens have been burned. At present, the number of SHIB destroyed stands at 7,648,382, leading to a 191.69% upsurge in the burn rate.
The surge in the burn rate today was instigated by two burn transactions. In a span of less than 1 hour, a total of 7,621,237 Shiba Inu tokens were incinerated through two transactions, as per Shibburn.
In the initial transaction, an unidentified wallet address 0xa9d1e08c7793af6…7fb81d3e43 burned roughly 3.60 million SHIB more than 8 hours ago. One hour later, a separate wallet address forwarded approximately 4.01 million SHIB to the burn wallet.
The Shiba Inu burn campaign has the objective of reducing the quantity of SHIB tokens in circulation, thereby diminishing the token’s overall supply. Consequently, the crypto asset becomes scarcer, potentially bolstering the value of Shiba Inu.
Currently, data from Shibburn indicates that Shiba Inu has incinerated about 410.70 trillion SHIB out of the total supply. The digital asset currently boasts a circulating supply of 581.35 trillion SHIB, down from its initial supply of 999.98 trillion SHIB.
Billions Of SHIB Redeemed From Coinbase
A recent report has unveiled a substantial movement of SHIB tokens from Coinbase, leaving the community to speculate about the motive behind the transfer. According to Etherscan, an undisclosed wallet address 0xe44755….240090257 relocated a staggering 225 billion SHIB from the decentralized exchange Coinbase.
Etherscan illustrates that the withdrawal occurred across two days through two transactions. 132.22 billion SHIB tokens were moved from Coinbase in the initial transaction, followed by the transfer of another 92.83 billion SHIB from the platform on the succeeding day.
Presently, the undisclosed wallet address exclusively holds around 225,057,952,422 SHIB valued at $2.10 million. This occurrence has captured the attention of traders and investors in the crypto market, which has coincided with the recent uptick in SHIB’s price.
SHIB’s price has surged by over 3% in the last 7 days, currently standing at $0.00000936. Meanwhile, its market cap has increased by 2%, while its trading volume has declined by over 16% in the last day.
Featured image from iStock, chart from Tradingview.com
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