Shiba Inu (CRYPTO: SHIB) — a major memecoin that has evolved into a utility token following the launch of non-fungible token (NFT) services and a decentralized exchange (DEX) — really hates its huge circulating supply and tries its best to reduce it as fast as possible.
What Happened: Shiba Inu burning data firm ShibBurn pointed out in a Tuesday tweet that over 303.68 million SHIB were burnt within 24 hours in five separate transactions. ShibBurn's website also shows that the burn rate increased by over 3,040% compared to the previous 24 hours, which saw only 7.7 million tokens destroyed.
See Also: CAN SHIBA INU REACH $0.01?
The news follows the burn rate seeing a 6,700% spike earlier this month, when 745 million Shiba Inu tokens were burned within 24 hours. Both the spikes followed the initial testing, earlier this month, of a new SHIB burn portal that makes it easy to permanently destroy tokens. Shiba Inu developers announced the initiative in late February.
SHIB Price Action: As of press time, Shiba Inu is trading at $0.00002783 after seeing its price down by about 3.87% over the last 24 hours, although SHIB is up over 16% in the past 7 days.
