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The SHIB community continues to reduce the Shiba Inu’s circulating supply by regular daily transfers of meme coins to “inferno wallets.”
Today, the SHIB burn rate has displayed a four-digit rise since a mammoth amount of meme coins were locked in dead-end wallets. Still, the overall circulating supply of SHIB has not seen any major dent. There are still 589,248,746,682,927 SHIB circulating the cryptocurrency market.
Burn rate soars 1,639%, 1.042 million SHIB torched
Popular wallet tracker Shibburn has reported that over the past seven days, the SHIB burn rate has spiked by an impressive 1,693.7%. This was possible thanks to a staggering cumulative burn of 1,042,699,761 SHIB.
The details shared by Shibburn reveal that two days ago, a mammoth burn of 1,000,000,000 SHIB took place conducted by an anonymous wallet, which pretty much helped achieve the aforementioned burn result. The largest amount of meme coins burned since then so far has been 10,061,416 SHIB approximately 22 hours ago.
This makes the most recently daily burn amount 11,195,149 SHIB in total; however, the rate has dropped by 98.89% compared to Tuesday.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team