Shiba Inu (SHIB) team destroys millions of tokens in a massive burn

The Shiba Inu (SHIB) team has destroyed millions of SHIB tokens over the last 24 hours according to data from its blockchain tracker, Shibburn.

The Shiba Inu (SHIB) team has destroyed millions of SHIB tokens over the last 24 hours according to data from its blockchain tracker, Shibburn.

With about 584 billion SHIB left in circulation, the move marks the team's continued commitment to its token burn strategy, aimed at regulating SHIB’s market value.

18,851,865 SHIB gone

According to the data, a total of 18,851,865 tokens were burned over the last 24 hours, seeing the SHIB burn rate skyrocket massively by 468968.55%.

This massive 6-digit surge in SHIB’s burn rate marks a notable rebound in this crucial metric as the ecosystem has seen the SHIB burn rate fall to significant lows in previous days. The impressive surge indicates increasing momentum among SHIB holders and burn initiatives.

According to the data provided, the large Shib burns over the last day only happened in four transactions.

While the burn rate was barely high during the early hours of the day, a major transaction that involved up to 16,537,925 SHIB sent to dead wallet at once, saw SHIB’s burn rate skyrocket massively from the 4 digits it was to a six-digits surge in less than an hour.

The increased burn rate suggests a sudden spike in investors interest, leading to an increase in the demand for the token. Hence, the team took the decision to fuel scarcity by destroying more tokens, signaling a potential surge in its market value.

However, there might be more reasons behind this decisive action, and the surge in SHIB’s token burn also indicates increased community engagement and growing ecosystem.

SHIB price stable despite volatile market pressure

The price of SHIB has responded to this massive burn as it has remained resilient around the 0.000012 mark despite the high volatility witnessed in the broad crypto market today.

Data provided by CoinMarketCap shows that Shiba Inu has merely dipped by just 0.26% in the last 24 hours, sitting stable at $0.00001272 as of press time.

Nonetheless, the token has surged notably by 14.42% in trading volume, suggesting active community engagement and increased trading activities among investors.