- Shibburn data shows a significant surge in the amount of Shiba Inu burned in the past 24 hours.
- The data shows a 499,416% jump in the burn rate after over 264 million SHIB tokens were taken from circulation.
- A wallet, “0xa9d…3e43,” contributed to the bulk of the tokens, sending over 261 million tokens.
Meme coin Shiba Inu has seen a sporadic jump in its burn rate heading into the week. According to data from the Shiba Inu burn tracker, Shibburn, the burn rate jumped by 499,416% in the last 24 hours, indicating a surge in the number of SHIB tokens taken out of circulation.
Notably, the data reported shows that the surge came after over 264 million SHIB tokens were sent to dead wallets. Furthermore, the data indicated one wallet, “Oxa9d…3e43,” contributed to the bulk of the SHIB sent for burning, with over 261 million tokens transferred from it.
The recent surge underscores efforts by the Shiba Inu community to increase the token’s price. Importantly, community members expect that demand for the token will grow by reducing the total number of SHIB tokens in circulation. The collective deflationary effort from the community effort is outlined by the number of wallets that were added to the total amount burned in the last 24 hours.
However, despite the high jump in the burn rate, Shiba Inu’s price appears relatively affected by the surge. While the token saw an upward surge in the early hours of Monday, it has since nose-dived to reach current levels. In the past 24 hours, the token has added a gain of 0.77% as of writing, according to data from CoinMarketCap.
On the weekly chart, the token is down 2.47% amidst a slowdown in the crypto market from last week. However, in the past 30 days, SHIB went up 8.08%, although significantly down from the highs it recorded earlier in November.
Meanwhile, trade volumes have soared considerably, with a 64% growth in the last 24 hours. Nonetheless, Shiba Inu continues to sit as the 19th-ranked cryptocurrency by market cap. In the meme coin category, the token is the second-largest network, second only to Dogecoin.
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