The popular memecoin Shiba Inu continues to witness a substantial number of tokens removed from its total circulating supply.
It saw a 317% jump in its burning rate over the last 24 hours.
According to data provided by Shibburn, the total number of SHIB tokens sent to a wallet that nobody could access in the past 24 hours is 130,529,064 (an almost 320% increase compared to the figures registered on September 20).
Moreover, the memecoin’s burn rate for the last seven days almost touched the coveted level of 500 million assets.
Shiba Inu is among the cryptocurrency projects that have adopted a burning program that aims to reduce the asset’s circulating supply and, thus, supposedly make SHIB more scarce and valuable. The memecoin has a tremendous token supply – 999,992,188,828,143, whereas over 41% of that amount has already been destroyed (per Shibburn’s data).
Those who wish to learn more about Shiba Inu’s burning mechanism and its specifics could read our article here. CryptoPotato has also released a dedicated guide on how token burns work in general.
The most recent 317% burning rate jump is nowhere near the 821% increase that Shiba Inu witnessed on September 6. Back then, the majority of the burn was carried out by wallet 0x4be2b2c4, which was responsible for the removal of 71 million SHIB (out of the 79 million tokens destroyed during that period).
Despite the burning program going at full speed, the memecoin’s price has not managed to chart substantial gains lately. It has been up mere 1.1% on a weekly basis (as of the moment of writing these lines) and over 8% down for the past 30 days.