- Shiba Inu (SHIB) burn rate recorded a 1334% increase in the last 24 hours.
- Over 171 million SHIB tokens were taken from circulation and sent to the three burn addresses.
- Shiba Inu recorded a 0.31% increase in the past 24 hours but declined by 1.57% on the weekly chart.
Shiba Inu (SHIB) burn rate data tracker Shibburn has reported a sustained upward momentum in the token’s burn rate. According to the data, the tracker revealed the burn rate is up 1334% in the last 24 hours.
Notably, over 171 million SHIB tokens have been burned within the period, taking them permanently out of public circulation. The burned tokens were sent from over 50 wallets to the three burn addresses.
The last 24-hour uptick in the burn rate comes on the heels of a sustained increase in the burn rate this week. The Shiba Inu team mentioned that reducing the amount of SHIB in circulation will help drive up the token’s value.
So far, over 410 trillion SHIB tokens have been burned from the initial supply. At present, there are currently 579 trillion Shiba Inu in circulation.
Meanwhile, the Shibburn team recently gave updates on the new SHIB-focused blockchain it was developing. According to the announcement, the team said they are working with a former Google employee to develop the platform.
The upcoming blockchain adds to a number of initiatives developed by the SHIB team to increase the token’s crypto market relevance. Despite all these efforts, Shiba Inu has struggled to record a significant increase in its value.
Data from CoinMarketCap shows that the token has added a marginal gain of 0.31% in the past 24 hours. On the weekly price chart, the token has declined by 1.57%. At present, the token is changing hands at $0.000007244 apiece.
However, its trade volume has seen a significant increase, recording 35.50% in the past 24 hours. The token currently sits on the 19th-ranked cryptocurrency network, with a total market cap of $4.27 billion.
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