The Shiba Inu (SHIB) consumption rate increased a whopping 8733.78% in the last 24 hours, according to the Shibburn website.
A token burn rate corresponds to a portion of the supply that is sent to a token burn address, with the idea of putting deflationary pressure on the supply/demand dynamics of a cryptocurrency.
SHIB burns rockets
In the case of SHIB, that has led to a total of over 750,000,000 SHIBs being sent to one burned address in the last 24 hours.
SHIB is a meme-themed cryptocurrency that has recently gained attention in the cryptocurrency market. The project was launched in August 2020 as an ERC-20 token on the Ethereum blockchain.
The anonymous creators behind SHIB have not been disclosed, but the project is backed by a decentralized autonomous organization (DAO) called Shibaswap.
SHIB’s price is currently at $0.00001, with a market capitalization of $6.38 billion and a 24-hour trading volume of $327.94 million. The SHIB price was also up 2.9% in the last 24 hours of trading.
The project, since its founding, faced controversy over accusations of foul play by its developers, leading to a clash within the SHIB community that rallied and supported it during its early days.
Speculation is also growing that several DAOs and prominent individuals within crypto were part of early efforts to push SHIB, potentially including Sam Bankman-Fried (SBF).
Read more: Shiba Inu community clash over accusations of foul play by developers
Other recent SHIB developments
More recently, reports have also surfaced in the last 24 hours that SHIB whales have been moving millions of trades.
According to data from market analysis firm Santiment, a total of 6 transactions were made on March 20, amounting to 406 billion SHIB ($276 million) that were transferred from an exchange wallet to a self-custody wallet. .
This post Shib burn rate up to a staggering 8733.78% in the last 24 hours
was published first on https://cryptoslate.com/shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours/