SHIB burn rate jumped up to 3100% in the past 24 hours.
April 20, 2023
Shiba Inu continues to be on a burning spree with the burn rate increasing by 3100% in the last 24 hours.
A total number of 1,802,050,186 tokens were burnt in the last seven days, out of which 8,000,000 were burnt in the last 24 hours.
Though there was a notable decline in the burn rate in the past few days, this surge in numbers is expected to make an impact on the price and demand.
Token burning refers to the process of removing a certain number of tokens from circulation through ways like sending them to a wallet with no private key.
The process of burning has direct implications on the token supply and subsequently, has possible effects on the price.
On the SHIB network, many transactions have come into focus because of the fact that millions of SHIB tokens have been burnt at once.
Out of the total supply of 1 quadrillion tokens, 589,366,799,328,767 tokens are left in circulation due to the burning procedures.