Shiba Inu burn rate increased by 260%, more than 58 million tokens burned

The burn rate of the Shiba Inu has increased once again. According to Shibburn, an account that tracks the burning of tokens, the Shiba Inu’s burn rate has increased by 260% in the last 24 hours. With this, the Burn Tracker platform has said that around 58 million Shiba Inu tokens have been burned in the last 24 hours. During burning, tokens were sent to wallets that could not be processed again. Once in the dead end wallet, the token is out of the circulating supply and can never come out of this wallet.

According to Shibburn, Shiba Inu tokens were burned in 10 transactions. Tokens are sent to dead wallets by the Shiba Inu community on a regular basis, in order to reduce the circulating supply of tokens. This creates a shortage of tokens in the market and increases demand. This increases the price of the token. Although more than half of the tokens have been burned in Shiba Inn’s supply so far, its price is not visible to much effect.
On the one hand the Shiba Inu Army is in full swing with the burning of tokens, on the other hand Whales are selling Shiba Inu tokens. According to a Twitter user named @shibaplay, an unknown wallet has transferred 367,551,968,153 Shiba Inu. These tokens have been sold on the gate.io exchange. The value of these tokens is said to be around $47 million.

Talking about the current price of Shiba Inu, it is trading at ₹ 0.001020 in India. Its price is down by 0.93% in the last 24 hours.

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