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The Shiba Inu team has seen a major trend in its burn strategy, as data from its on-chain burn tracker, Shibburn, shows that the SHIB burn rate has surged massively by 1,328.82% over the last day.
On Tuesday, the crypto market kick-started a fresh bull run that saw major cryptocurrencies rebound above previous key resistance levels. While this has sparked renewed interest among investors, fuelling massive demand for SHIB, it has also seen SHIB record a notable four-digit increase in its burn rate in just one day.
As such, a total of 27,204,090 SHIB tokens have been sent to dead wallets, reducing the amount of SHIB in circulating supply. The team deploys this mechanism as a way to increase scarcity for SHIB and boost its market value.
SHIB burn up as price rockets
The tracking firm revealed multiple transactions issued to send SHIB to unspendable wallets, as the tokens were moved in varying batches. The most significant transactions involved massive transfers of 15,736,713 SHIB and 11,060,001 SHIB in a short period.
While this has been followed by multiple burn transactions involving large and small amounts of SHIB, over 410 trillion SHIB have been burned so far.
According to Shibburn data, the massive SHIB burn that happened today has brought the remaining tokens in circulation to 589,252,031,906,252, providing the chance for continued burning in the future.
The impact of this decisive action to burn as many Shiba Inu tokens as possible appears positive in the performance of the token in recent days. Data from CoinMarketCap shows that SHIB has surged by 2.37% to an impressive $0.00001354 over the last day.
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