In a display of token destruction, a single wallet has set the Shiba Inu (SHIB) community ablaze by destroying a significant amount of SHIB tokens. According to data from the Shiba Inu burn tracker, Shibburn, the Shiba Inu burn rate is currently up by 2,372% in the past 24 hours due to the burn from one single wallet.
The burn has not only surged the SHIB burn rate but can also be attributed to the current spike in Shiba Inu which is up by more than 2% in the last 24 hours.
Shiba Inu Burn Rate Surges
According to data from Shibburn, over the past 24 hours, the Shiba Inu community has transferred roughly 1.24 billion SHIB to a designated “dead wallet,” forever removing these tokens from circulation. A single wallet burned approximately 1.23 billion SHIB tokens in the past 24 hours.
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Notably, the identity behind the wallet which burned this huge amount of tokens has been revealed to be the Blaze token team. Out of all the SHIB tokens burned in the last 24 hours, Blaze Token burned a total of 1.23 billion tokens.
Executed approximately 12 hours ago, this colossal burn event has now propelled Blaze Token’s number of burned SHIB to about 7.9 billion in total.
While the recent burn event might have triggered a portion of excitement in the SHIB community, it is worth noting that more is still to come especially with the launch of the Shibarium.
Shibarium is an underlying blockchain technology that plays a crucial role in facilitating the burn mechanism of Shiba Inu. According to the blockchain developers in a recent series of tweets, each transaction on the Shibarium network would result in a burn of the Shiba Inu (SHIB) token.
SHIB Records Upward Momentum
Following the significant burn, the SHIB token price has picked up an upward momentum in the past 24 hours. Over this period, SHIB has surged by more than 2%. The meme coin currently trades at $0.00000905 up from a low of $0.00000885 on Monday.
SHIB’s market capitalization has also recorded a slight surge. Over the past 24 hours, more than $100 million has been added to SHIB’s market cap bringing the token total cap to roughly $5.3 billion while still ranking 16th among the largest cryptocurrency by market cap.
Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens
Interestingly, SHIB trading volume has plunged. The meme coin’s 24-hour trading volume currently stands at $156 million, a drop from the volume high of $186 million seen earlier this morning.
The price uptick from SHIB suggests that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB tokens may contribute to increased demand and potential price appreciation in the long run.
Featured image from Shutterstock, Chart from TradingView