According to Shibburn, a platform that tracks Shiba Inu burning, 133 million SHIB have been sent to dead wallets. As a result, the token’s burning rate exceeded 240 percent. At the same time, the price of Shiba Inu’s biggest rival Dogecoin has increased. However, this is only a marginal increase of 1 percent.
According to the report, 18 transactions have been done in this burning of Shiba Inu. These transactions are done by different companies and investors. The purpose of all this was to reduce the circulation of tokens from the market. The Shiba Inu was also burned a day earlier and the burning rate of this meme cryptocurrency was recorded at 345.52%. A total of 64,506,471 Shiba Inu were burned during this time.
Recently Shiba Inu witnessed a rally due to which investors were attracted towards it. Thereafter the Shiba Inu’s burning was reduced and the number of tokens sent to the Dead Wallets was significantly reduced. The day before, millions of Shiba Inu tokens were burned in 10 different transactions. Talking about its current price, the Shiba Inu has gained 3.87% today. The effect of the increased burning rate is starting to show on its cost. Burning reduces the token supply and increases the demand for tokens in the market.
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