SHIB Token Burn Rate Shoots Up By Staggering 13000% In 24 Hrs

• SHIB sees an increased token burn rate after 1.7 billion coins go to dead wallets.
• Over 410 trillion units of SHIB have been burnt to date.
• Terra LUNA Classic also aggressively burns its tokens, with over 5.88 trillion units left.

In the past week, nearly 5.5 billion units of the Shiba Inu (SHIB), the second-largest meme coin, have been sent to dead wallets, consequently burning the tokens, according to the burn tracking website, ShibBurn.

In the last 24 hours alone, over 1.7 billion SHIB coins were burned. Interestingly, these recent increased burning activities have pushed the meme coin’s burn rate to a staggering 13150%.

Currently, the total exterminated SHIB stands at over 410 trillion tokens, worth nearly $3.6 billion, going by the current rate of $0.00000885 per token. Nonetheless, Shiba Inu’s circulating supply exceeds 570 trillion units, with a market under $5.5 billion.

Notably, the primary reason for token burns is to create scarcity, which can potentially increase the value of the remaining tokens. However, despite the recent burns, the price of Shiba Inu has been subjected to increased selling pressure, falling over 11%, according to data from the market tracking platform, CoinMarketCap.

CoinMarketCap data shows that crypto traders bought and sold nearly $200 million worth of SHIB in the last 24 hours, representing over a 24% increase from what was obtainable the previous day.

On the other hand, the Terra LUNA Classic (LUNC) community is also aggressively burning its token with trillion units in circulating supply. According to Luncmetric, the burn tracking website, over one billion units of LUNC tokens have been exterminated, worth $89,191.

Like Shiba Inu, the current circulating supply of LUNC exceeds 5.8 trillion, while the tokens burned to date are under 57 billion.