Shiba Inu Coin News: SHIB Burn Rate Skyrockets Over 250% In Past 24 Hours

According to latest news surrounding the Shiba Inu Coin (SHIB), the amount of SHIB burned in the past 1 hour has led to a massive decline in the token’s circulating supply. Additionally, the total amount burned during the last 24 hours has surpassed the amount of tokens burned the day before.

1.5 Million SHIB Burnt In 1 Hour

In a dire attempt to reduce the massive supply plaguing one of the crypto industry’s viral meme cryptocurrency, the Shibburn community has burned a total of 1,500,000 SHIB tokens burned in one transaction.

In the past hour, there have been a total of 1,500,000 $SHIB tokens burned and 1 transaction. #shibarmy

— Shibburn (@shibburn) December 17, 2022

Shiba Inu’s burn rate increased by 252% over the course of the last 24 hours, according to the Shibburn website, as a total of 45,440,894 SHIB tokens were delivered to non-spendable wallets.

The largest chunk of SHIB transferred to a null address among the ten burn transactions, in this case, totaled 23,616,644 Shiba Inu.

This wallet was inactive for more than a year, according to Etherscan data.  After a prolonged interval, the first transaction from it was conducted roughly 19 hours back.

Read More: Here’s Shiba Inu Price Analysis Guide For The Coming Week

Recently, the burn rate has accelerated, as previously reported on CoinGape, a total of 4.1 million SHIB tokens were burned and destroyed from existence just a few days back.

Whales Accumulate SHIB

Also, SHIB has re-emerged on the list of the ten largest assets held by Ethereum whales, according to the digital wallet tracker WhaleStats.

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It is also back on the list of the most popular smart contracts as only two days prior, the cryptocurrency completely vanished from that list.

Shiba Racing Game

Apart from the rampant token burn mechanism, the Shiba Inu ecosystem is also expanding with more use-cases. The latest to launch on the SHIB Metaverse, is the Play-to-Earn (P2E) racing game with its own set of NFTs.

Additionally, the team behind the initiative, also plans to host Grand Prix competitions on its metaverse racing platform, where players from around the world can take part and compete for crypto rewards.

Read More: Shiba Racing NFT Launch; All About SHIB Metaverse P2E Game