According to the latest Shiba Inu Coin (SHIB) news, the amount of SHIB burned in the past hour has led to a massive decrease in the token’s circulating supply. In addition, the total number of tokens burned in the last 24 hours is higher than the number of tokens burned the day before.
1.5 million SHIB burned in 1 hour
In a desperate attempt to reduce the massive supply of one of the crypto industry’s viral meme cryptocurrencies, the Shibburn community burned a total of 1,500,000 SHIB tokens in a single transaction.
—Shibburn (@shibburn) December 17, 2022
Shiba Inu’s burn rate has increased by 252% over the course of the past 24 hours, according to the Shibburn website, as a total of 45,440,894 SHIB tokens have been delivered to non-spendable wallets.
The largest portion of SHIB transferred to a null address out of the ten fire transactions totaled 23,616,644 Shiba Inu in this case.
According to data from Etherscan, this wallet was inactive for over a year. After a long pause, the first trade was executed about 19 hours ago.
Read more: Here’s the Shiba Inu price analysis guide for the week ahead
Recently, the burn rate has accelerated, as previously reported on CoinGape, a total of 4.1 million SHIB tokens were burned and destroyed just a few days ago.
Whales collect SHIB
Also, SHIB has reappeared on the list of the ten largest assets of Ethereum whales, according to digital wallet tracker WhaleStats.
Read more: Big surprises in Shiba Inu Fireside Chat?: What news to expect
It is also back on the list of the most popular smart contracts, as just two days earlier the cryptocurrency completely disappeared from that list.
Shiba racing game
Aside from the rampant token burning mechanism, the Shiba Inu ecosystem is also expanding to include 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.
In addition, the team behind the initiative also plans to host Grand Prix competitions on its metaverse racing platform, where players from around the world can participate and compete for crypto rewards.
Read more: Shiba Racing NFT launch; All about SHIB Metaverse P2E game
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post SHIB Burn Rate skyrockets by 250% in 24 hours
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