Shiba Inu (SHIB) Burn Rate Skyrockets 821% in the Last 24 Hours

Shiba Inu, a popular meme token associated with the Shibarium network, has seen an unprecedented 821% jump in its burn rate over the past 24 hours.

Per stats from Shibburn.com, 79 million SHIB tokens were burnt by different investors during the period. A further look at the data indicates that most of the tokens were burnt by just about 3 wallets. 

The latest SHIB burn recorded was just minutes before writing this report, where wallet 0x7d0c490 burnt about 1,660,008. This same wallet had completed several token burns, burning 657k SHIB and another 4.8 million SHIB earlier. In total, wallet 0x7d0c490 incinerated about 7 million SHIB. Another wallet, 0x009bb72, burnt about 695.6K SHIB tokens in the same period. 

However, wallet 0x4be2b2c4 is responsible for burning at least 71 million SHIB in the period. The wallet completed about 14 burn transactions, with the largest single burn at 21.2 million SHIB. There are several large burns of 8 million and 6 million tokens, respectively. 

This wallet holder has also recently been on a token-burning spree, burning hundreds of millions of SHIB in the past 7 days. 

The recent upsurge in the burn rate is surprising, coming when SHIB burn rates were depleting. The upsurge has lightly impacted SHIB prices. 

Amid the recent high burn rate surge over the past 24 hours, SHIB has reported some slight price surges. In the period, SHIB moved from $0.000007565 to $0.00000769, a surge of about 1.5%. The recent burns are the author of the slight price surges.