Shiba Inu Burn Rate Sees Another 420% Spike, What’s Driving It?

The Shiba Inu community is on a roll with burning SHIB as the initiative continues to see spike after spike. The burn rate has seen a significant increase once again in the last 24 hours as millions of tokens were sent to the burn address.

SHIB Burn Rate Spike 420%

According to data from the Shibburn website, the SHIB burn rate saw another 421% increase in the last 24 hours. This spike comes as Shiba Inu community members change from their pattern from the previous day, which saw only a little over 1 million tokens burned.

This time around, there have been more than 5.3 million tokens incinerated, which brought about the 421% spike reported by the website. Interestingly, the total burns came from less than 10 addresses. As the burn tracking website shows, there have been only six burn transactions carried out in the last day, as of the time of this writing.

Half of the total burn figure came from a single wallet that carried out SHIB burns in two transactions. The “0x9d1e” wallet performed two identical transactions, burning a total of 1,777,777 tokens each time, amounting to more than 2.5 million tokens burned.

Another wallet identified as “0x60812” burned a total of 1 million tokens. While the rest of the burn transactions for the day each carried less than 1 million tokens.

The daily spike has also contributed to the increase seen in the last week as well. Shibburn stats show that after the burns from the last day, the weekly burn rate has spiked by 4,145% with over 8.6 billion tokens burned during this time.

HOURLY SHIB UPDATE$SHIB Price: $0.00001029 (1hr -0.10% ▼ | 24hr 0.83% ▲ )
Market Cap: $6,055,517,103 (0.71% ▲)
Total Supply: 589,319,468,548,817

TOKENS BURNT
Past 24Hrs: 5,316,694 (421.41% ▲)
Past 7 Days: 8,635,108,231 (4145.22% ▲)

— Shibburn (@shibburn) December 21, 2023

SHIB bulls still maintain control | Source: SHIBUSD on Tradingview.com

Shiba Inu Team Propelling The Burn Rate

The Shiba Inu team has been behind the explosive SHIB burn rate that has been witnessed recently. Lead developer Shytoshi Kusama had revealed that the fees accumulated on the Shibarium blockchain would be used to buy SHIB for burning and so far, two large burns have been carried out.

On December 5, the Shiba Inu team burned 8.2 billion tokens, which caused the burn rate to surge over 7.6 million percent. The next large burn took place two weeks later where the team burned more than 8.2 billion tokens again. This time around causing the burn rate to spike over 770,000%.

As more large burns are expected from the Shiba Inu team, with more than $1.2 million expected to be dedicated to burns, the burn rate is expected to keep spiking. At the same time, it is a positive development for the SHIB price which will benefit from having fewer tokens in circulation.

Featured image from CoinGape, chart from Tradingview.com