SHIB burn rate up a staggering 8733% over the past 24 hours

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Shiba Inu (SHIB) burn rate is up an enormous 8733.78% in the last 24 hours, according to the Shibburn website.

The burn rate of a token corresponds to a portion of the supply being sent to a burn token address, with the idea of putting deflationary pressure on a cryptocurrency’s supply/demand dynamic.

(Source: Shibburn)

SHIB burns skyrocket

In the case of SHIB, that has led to a total of over 750,000,000 SHIB being sent to a burn address in the last 24 hrs.

SHIB is a meme-themed cryptocurrency that has recently gained attention in the crypto 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 revealed, but the project is backed by a decentralized autonomous organization (DAO) called Shibaswap.

The price of SHIB is currently $0.00001, with a market cap of $6.38 billion and 24-hour trading volume of $327.94 million. The price of SHIB is also up 2.9% in the last 24 hour trading.

SHIB controversy

The project has — since its founding — faced controversy over allegations of foul play by its developers — leading to a clash within the SHIB community who rallied behind and supported it during its early days.

Speculation is also rampant that a number of DAOs and prominent individuals from within crypto were part of early efforts to pump SHIB — including potentially Sam Bankman-Fried (SBF).

Other recent SHIB developments

More recently, reports have also emerged in the past 24 hours that SHIB whales have been moving millions from exchanges.

According to a data from the market analytics firm Santiment, a total of 6 transactions took place on March 20 — amounting to 406 billion SHIB ($276 million) being transferred from an exchange wallet to a self-custody wallet.