In the last 24 hours, over 3 billion SHIB tokens have been sent to dead wallets following the significant surge in the burn rate, according to Shibburn. Per the data shared, this massive tokens burnt was prompted after a massive 26,500% surge.
This transfer to dead wallets is meant to harmonize the drop that were reported in the last few days as there had been minimal burn activity on the SHIB portal. Specifically, the SHIB burn rate fell by almost 70% last week.
The SHIB token burn feature is an important metric that reduces the circulating supply of the digital asset.
That is, it indicates how deflationary the cryptocurrency is and this is a major metric that can skew HODLer’s sentiments when looking out for an asset to back. Looking at the trend which the SHIB but rate has followed for a while, there is a possibility that some whales may likely leverage it and invest for a corresponding jump in price in the long run.
SHIB Burn Rate Primary Address
This bogus burnt token figure was carried out by a few addresses whose identity is yet to be uncovered. One of such wallets was responsible for more than 95% of all the SHIB tokens burn. Before this massive burn rate was recorded, the Shiba Inu community had burned just about 1.7 billion tokens in 20 separate transactions.
When the SHIB burn rate fell last week by 70%, investors became concerned about the underlying cause. Some suspected that it could be related to the recent Ethereum (ETH) gas fee surge. Such a surge in gas fees would mean that the burning process has become more expensive and this could be why SHIB token holders have refused to burn their holdings.
However, Shiba Inu has always had a distinctive burn mechanism when compared to other digital currencies. SHIB developers have shown commitment to promoting transactions which build up the total token sent to dead walkers. Ultimately, this is aimed at lowering the volume of the SHIB token in supply at every given time.
Currently, the total SHIB supply is at over 589 trillion while the circulating supply is below 575 trillion.
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