Meme Coin's Burn Rate Skyrockets by 1628%: How Did the Price React?

Shiba Inu (SHIB) has attracted attention with its burn rate, which has risen as high as 1,628% in the last 24 hours, according to Shibburn data.

This increase in the burn rate is one of the most important indicators of the community's resilience Meme coin Although it opened the week with a low burn rate, it corrected the outlook on the second trading day.

With the resurgence of the burn rate, Shiba Inu sent a total of 88,755,998 SHIB to dead wallets, increasing the total amount of SHIB removed from circulation. At least three major wallets have contributed to the recent surge in burning, with the largest chunk burned being "0xcf6... fdeaa".

0x74d... The wallet with the address label F9A1 helped remove more than 34 million SHIB from circulation, while 0xc664... 2,096,631 SHIB were burned through address 50ae.

With the figures shown, the total Shiba Inu burned so far has reached 410,690,167,721,176 SHIB. This leaves the current number of tokens in circulation at SHIB 581,127,781,873,309.

Despite the expected correlation between the Shiba Inu burn rate and the SHIB price, the last few increases in burned tokens have not translated into a corresponding jump in token valuation.

SHIB was trading at $0.000009618, down 0.89% in the last 24 hours.

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