SHIB Burn Rate Jumps by 3,039% as Community Members Torch 115M Tokens

• Shiba Inu burn rate has jumped 3,039% in the past 24 hours, with over 115 million tokens burned. 
• One wallet sent around 111 million tokens for incineration. 
• SHIB’s price jumped in the past 24 hours and is now up marginally in the past seven days.

The Shiba Inu community has doubled down on their commitment to reduce the meme coin’s supply as the SHIB burn rate soared immensely in the past 24 hours following days of muted performances. 

Data from the SHIB burn tracker, Shibburn, reveals a 3,039% jump in the past 24 hours. During that time, over 115 million SHIB tokens were sent to dead wallets and effectively taken out of circulation. 

According to the tracker, four wallet addresses contributed to the recent burn, with a wallet taking the lion’s share. That particular wallet sent over 111 million SHIB tokens to one of the burn addresses. 

So far, over 410 trillion SHIB tokens have been taken from circulation through the burn addresses. At present, there are 581 trillion tokens in circulation, which will reduce as the community and the team continue the burns. 

Alongside the rise in burn rate, Shiba Inu also recorded a jump in its value in the previous 24 hours. Data from CoinMarketCap indicates the token added 1.57% to its value in that period. The token has been trading marginally higher in the past seven days. 

The rise in the past 24 hours follows a disclosure from SHIB’s marketing specialist about the developers’ plans for the meme coin. Following a meeting with the main developer, Shytoshi Kusama, the specialist hinted that the team plans to “have everything finished by the end of this year.”

According to the marketing specialist, the initial objective was to complete all SHIB construction on Shibarium by 2024-2025, and developers would now work hard to do this by the end of the year. However, it was clarified that this is “not a promise, but that’s the goal.”