Shib Burn Rate Up By 39K%, >1.6B Tokens Burnt In 24Hrs

SHIB continues to stay on a burning spree with the recent surge of 38986.28% in the burn rate.

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A total of 3,982,511,590 tokens have been burnt in the past week, out of which 1,695,572,371 were burnt in the past 24 hours.

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This sudden surge is expected to create some impact on the token’s price, especially after a notable decline in the burn rate in the past few days.

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Token burning refers to the process of permanently removing existing cryptocurrency from circulation.

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When a token is burnt, it is sent to a burner address that doesn’t have a private key required to access it and can’t send back any tokens sent to it.

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This removal of tokens directly impacts the supply and subsequently manipulates the demand and prices.

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Out of the original supply of one quadrillion tokens, 589,362,770,864,408 are left in circulation due to the burning procedures.

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