In a surprising turn of events, the burn rate of Shiba Inu skyrocketed by a staggering 2800%, resulting in the destruction of over 8 million SHIB tokens. This significant increase in burn rate occurred despite a slight 4.23% drop in the price of the memecoin. In just 24 hours, the total number of tokens removed from circulation reached almost 8 million, with a large portion of this amount burned in a single transaction that took place approximately 21 hours ago.
This burning mechanism is a strategic move by Shiba Inu to reduce its circulating supply and potentially increase its value through scarcity. Data from the Shibburn tracker indicates that a total of 7,912,388 SHIB tokens were burned in the past day, bringing the overall burn count to an impressive 410 trillion SHIB tokens from the original supply.
Despite the remarkable surge in burn rate, the price of SHIB continues to decline, falling by 4.7% in the last 24 hours and 6% over the week. This downward trend mirrors the corrections seen in the global market, with Bitcoin dropping to $67,044 and Ethereum hovering around $3,500.
As of the latest update, Shiba Inu is trading at $0.00002214 with a market cap of $13.04 billion. Furthermore, the daily trading volume for SHIB has increased by over 21% in the past 24 hours, reaching $582 million.
In another notable development, a significant transaction involving Robinhood caught the attention of on-chain tracking system Whale Alert. On June 10, Robinhood transferred a staggering 600 billion SHIB tokens, valued at $13.7 million, to an undisclosed wallet address. Initially labeled as unknown, the recipient’s wallet was later identified as belonging to the American trading platform, which now holds 3.4 trillion SHIB, equivalent to $78.2 million, making it the second-largest holding of SHIB.
Despite these fluctuations, the enthusiasm surrounding Shiba Inu remains strong within the crypto community, underscoring the enduring interest in the world of memecoins.