Shiba Inu Token Burn Rate Skyrockets

Increased Token Burning

Shiba Inu is burning a significant number of its tokens, with the burn rate increasing by over 300% in the past day. This initiative aims to reduce the token’s supply, making it more valuable and potentially increasing its price.

Recent Burn Transactions

Three large burn transactions were responsible for the surge in burn rate. One transaction destroyed 46 million SHIB, another burned 211 million SHIB, and the third incinerated 37 million SHIB.

Overall Burn Rate Increase

In the past week, the burn rate has increased by over 5,000%, with over 14 billion SHIB being burned. This includes a massive burn of 13.4 billion tokens by the Shiba Inu team.

Current Supply

As of now, around 410.72 trillion SHIB have been burned, leaving a circulating supply of 582.27 trillion SHIB.

Developer’s Response

Despite the increased burn rate, some community members have questioned why Shiba Inu cannot burn as many tokens as its rival, Floki Inu. Developer Shytoshi Kusama responded that he does not have a trillion SHIB to burn and that the project is decentralized, with burns benefiting the community.