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SHIB Burn Rate Surges 103% as Mysterious Wallets Destroy Enormous Sum in Shiba Inu

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Wed, 28/09/2022 - 10:58
SHIB Burn Rate Surges 103% as Mysterious Wallets Destroy Enormous Sum in Shiba Inu
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Shibburn tracking service that makes its own burns from time to time has announced that over the past 24 hours, the burn rate of SHIB tokens has surged by nearly 103% compared to the previous day.

It happened as another large amount of SHIB was sent to dead-end wallets.

Burn rate of SHIB soars 103%

Per data published on the Shibburn website, within the last 24 hours, various entities and individuals in the SHIB army have transferred 59,638,305 SHIB coins to dead-end wallets, where they will be permanently locked.

This burn has increased the overall burn rate of Shiba Inu by 102.62%. Among the burn transactions, two of the biggest stand out. These two made by mysterious wallets together burned 45.7 million Shiba Inu. These wallets are:

0xf2a0ebbc6ae86445e798cffcad2054480f05d4ee and 0x4693e541bd7f63ffbb08651cd18381bb640bf163.

Token burns are conducted with the goal of reducing the circulating supply of Shiba Inu in order to make the coin more scarce and are eventually targeted at sending its price through the roof. However, now that a year has passed since many started to burn SHIB, the impact it has had on the price is close to zero.

SHIBburn_rate_00qweregr4iu
Image via Shibburn

Amazon burner intends to beat August burns

This month, Travis Johnson's Shib burn platform, known on Twitter as "Super Shib Store" intends to surpass the amount of SHIB it managed to burn in August.

So far in September, the platform has burned approximately 187 million Shiba Inu worth $2,007. Roughly $400 for these burns was earned on commissions from the Amazon affiliate program. This is the only entity so far that is using the Amazon affiliate program to burn meme tokens.

Related

BabyDoge burns much more than Shiba Inu army

However, the smaller-cap meme token BabyDoge has been making much bigger burns than the SHIB army. As covered by U.Today on Sept. 27, the BabyDoge team destroyed 46x more meme coins than the SHIB army.

The BabyDoge team removed 13,364,615,564,375 coins worth $15,623 compared to 130 million SHIB evaluated at $1,430.

In June of this year, the BabyDoge community voted to let developers burn 50 quadrillion of BabyDoge. The burn was conducted on July 1 and, since then, they have continued to destroy eye-twitching amounts of BabyDoge.

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