The SHIB token burn rate is up an astonishing 13,000% in 24 hours
- SHIB sees increased token burn rate after 1.7 billion coins moved to dead wallets.
- Over 410 trillion SHIBs have been burned to date.
- LUNA Classic is also burning its tokens hard, with over 5.88 trillion units remaining.
Last week, nearly 5.5 billion units of (SHIB), the second largest meme currency, were sent to dead wallets, thus burning tokens, according to burn tracking website ShibBurn.
In the past 24 hours alone, more than 1.7 billion SHIB coins have been burned. Interestingly, the recent increased burn activity has pushed the meme coin burn rate to a staggering 13,150%.
Currently, the total SHIB destroyed is over 410 trillion tokens, worth approximately $3.6 billion, at a rate of $0.00000885 per token. However, the circulating supply of Shiba Inu exceeds 570 trillion units, with a market of less than $5.5 billion.
Notably, the main reason for token burns is to create scarcity, which can increase the value of remaining tokens. However, despite the recent burns, the Shiba Inu price has come under increasing selling pressure, dropping more than 11%, according to data from market tracking platform CoinMarketCap.
CoinMarketCap data shows that cryptocurrency traders bought and sold nearly $200 million in SHIB over the past 24 hours, which is a 24% increase from what could have been obtained the day before.
On the other hand, the Terra LUNA Classic (LUNC) community is also aggressively burning its token with 1 trillion units in circulating supply. According to Luncmetric, a burn tracking website, more than 1 billion LUNC tokens worth $89,191 have been exterminated.
Like the Shiba Inu, the current circulating supply of LUNC is over 5.8 trillion, while the tokens burned to date are less than 57 billion.
SHIB token burn rate skyrocketed after reaching 13,000% in 24 hours for first time coin issuance.