- Shiba Inu burn rate has jumped by 459.57% in the past 24 hours.
- 146,261,497 SHIB tokens were sent for incineration in that period.
- Robinhood adds 15 billion SHIB tokens to its portfolio.
In a notable development, the Shiba Inu burn rate has ticked up in the past 24 hours as the meme coin’s community sends millions of SHIB tokens for incineration.
Data from the Shiba Inu burn tracker Shibburn reveals that 146,261,497 SHIB tokens were sent to the burn addresses and taken out of circulation. Furthermore, the data showed five wallet addresses partook in the incineration.
Notably, a particular wallet burned 100 million SHIB tokens in a single transaction. Another wallet also burned over 30 million tokens in the same 24 hours. As a result, the burn rate jumped 459.57% in the aforementioned period.
The incineration, a collective effort from the meme coin’s team and community, is aimed at reducing Shiba Inu’s circulating supply. Expectations are that a reduced supply of the tokens will help drive prices up. So far, over 410 trillion SHIB tokens have been taken from circulation.
Meanwhile, news of electronic trading platform Robinhood increasing its Shiba Inu portfolio has sent ripples of excitement through the Shiba Inu community. As noted by renowned SHIB community member “CryptoLollla,” Robinhood recently added 15 billion SHIB tokens to its portfolio.
According to data from blockchain intelligence company Arkham, Robinhood now holds a total of 37.066 trillion SHIB tokens. With a total worth of $333.59 million at the time of writing, the tokens are the third-largest by market value in Robinhood’s portfolio.
Elsewhere, Shiba Inu’s price continues to decline further as the selling pressure in the market intensifies. At the time of press, the token is exchanging hands at $0.000009004 a piece, according to data from CoinMarketCap.
In the past 24 hours, SHIB, the second-largest meme coin by market cap, recorded a drop of 3.05%. On the longer seven-day chart, the token declined by 6.30%. Presently, Shiba Inu has a market cap of $5.31 billion.
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