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Shiba Inu (SHIB) token burn rate surged by 3010% on June 12, resulting in 232 million tokens being burned, a notable rise during the market downturn.
Unprecedented SHIB Burn Rate Increase
The Shiba Inu (SHIB) meme coin has had a notable spike in its token burn rate during the current bearish trend.
The information obtained from Shibburn, a site that keeps track of the burning of SHIB tokens, reveals that on Wednesday, June 12, there was a jump of approximately 3010%. Additionally, the community burned about 232 million SHIB tokens. This is a significant amount.
While the price of Shiba Inu coins was falling, the level of token burning increased considerably. The burn rate may increase the value of the token because it will reduce the amount of SHIB currently in circulation. Shibburn's statistics indicate that the pace at which SHIB tokens are burned has soared by an amazing 3010.53% over the course of the previous day.
During this period, the Shiba Inu community burned 232.64 million SHIB tokens through various transactions.
Key Wallets Lead Major Burn Efforts
Additionally, according to Coingape, as the SHIB burn rate dramatically increased, one wallet address stood out. During a single transaction, the wallet address 0xd9a... destroyed an astounding 225.63 million SHIB tokens by transferring them to a dead wallet.
In addition, two additional wallets made significant contributions by burning more than one million tokens across various transactions.
The second wallet, 0xa9d..., sent 3.18 million SHIB coins to a dead wallet through two separate transactions. A different address, 0xc58..., also transferred 1.69 million SHIB to a dead wallet.
Reduction in SHIB Circulation
Members of the Shiba Inu community made additional contributions, carrying out several minor token burns, further increasing the token destruction rate. Consequently, the comprehensive quantity of SHIB tokens that have been destroyed has reached an astounding 410.72 trillion.
On Wednesday, the price of SHIB has decreased by 2.36%, reaching $0.00002196. This is the current price. Although the Shiba Inu meme coin has a market worth of $12.96 billion, it is not yet widely used.
This contrasts with the 24-hour trading volume for SHIB, which climbed by 30.12% to $816.98 million. This jump could be due to an increase in the number of selloffs, as 1.34 million long liquidations were recorded in the previous twenty-four hours.
Currently, the price of Shiba Inu is significantly lower than the point of critical resistance, which is $0.000025.
Photo: Microsoft Bing
