The Shiba Inu (SHIB) burn rate skyrocketed by 191.69% in the 24 hours ending at 00:22 a.m. UTC on Feb. 9, 2024. Around 7.65 billion SHIB was removed from circulation amid heightened optimism from whales and off-chain speculators.
The latest burn has taken the number of coins torched to 410 trillion, leaving approximately 581 trillion in circulation.
SHIB Burn and Rising Interest Spike Price by 3.3%
The token’s price is up 3.8% compared to the past seven days and 0.3% in the past 24 hours. It is currently changing hands at $0.000009403.
Shiba Inu token burns are designed to increase the asset’s scarcity and counterbalance the impact of large transactions. So far, around 410 trillion of the one quadrillion supply of SHIB tokens have been sent to three burn wallets. The daily Shiba Inu burn rate peaked at 100 million tokens in the past month.
Read more: Shiba Inu — A Beginner’s Guide
More bullish on-chain news is the increase in new sign-ups to the SHIB Web3 blockchain ecosystem, Shibarium. Between Feb. 6, 2024, and Feb. 7, 2024, the number of new accounts rose from 33 to 207, according to Shibariumscan. At press time, the number of accounts stood at 63,661.
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Author: David Thomas
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