The Shiba Inu community has achieved a remarkable feat in the past 24 hours. The Shibburn tracker, which monitors transactions that send SHIB to “inferno” wallets, reported that the burn rate of SHIB has reached a new high. This milestone coincides with the meme coin reaching a new record for the top whales on the Ethereum chain.
Thanks to the collaborative efforts of the Shiba Inu army, the burn rate has increased by an astonishing 7,909% within the last 24 hours. This means that 43,192,603 Shiba Inu tokens have been locked into unspendable wallets, effectively reducing the circulating supply of tokens. In the past week, a total of 148,357,592 SHIB has been burned.
Burning tokens involves transferring them to unspendable addresses, which ultimately makes them scarcer. Scarce assets are generally more valuable, which could potentially lead to an increase in SHIB price.
