Shiba Inu (SHIB), an Ethereum-based altcoin has recently garnered the attention of the cryptocurrency community and investors as the token’s burn rate experienced a massive surge.
Shiba Inu Burn Rate Increases Significant
The Shiba Inu burn rate recently increased significantly by 499,416% in a 24-hour period between Sunday and Monday. Data from Shibburn – the platform that tracks SHIB token burns, shows this marks a new record for the token’s burn initiative. It also highlights the renewed strength of the community’s attempts to manage its token total supply.
Furthermore, the data also shows that over 264.20 million SHIB tokens were burned on the same day. The recent uptick in the SHIB burn rate can be traced back to several burn transactions. However, a single transaction that was carried out by an unknown wallet address is believed to have buttressed the surge.
According to the data available, the unknown wallet address transferred approximately 261.4 million SHIB tokens to
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