The amount of Shiba Inu (SHIB) in circulation has fallen again following a recent token burn event. Notably, more than 15 million SHIB tokens were wiped out. This coincides with a 6.4% decline in the price of the second-largest meme coin.
Shiba Inu burn surges over 470%
According to the Shibburn tracker, the Shiba Inu community has permanently helped the protocol destroy 15,104,251 SHIB tokens. As a result, Shiba Inu’s burn rate has skyrocketed by over 470% in the last 24 hours.
Per the details, almost all the 15,104,251 tokens were burned in a single transaction. The wallet address “0x541…f3ce” scorched the most immense crypto lumps, amounting to 14,089,269 SHIB. The second largest burn came from wallet address “0x6d0…e389e,” with 635,364 SHIB scorched.
The community members sent these tokens to dead wallets, where they remained locked up permanently.
So far, 410,744,373,370,940 SHIB tokens have been burnt from the 584,280,032,496,368 SHIB circulating supply.
SHIB continues to bleed
The latest transaction follows an earlier 577% surge in the Shib burn rate this week, with 8,760,236 SHIB burnt. The Shib Inu community usually conducts periodic burns to reduce the number of tokens in circulation. This mechanism contributes to price surges as demand for the meme coin increases.
However, the latest Shiba Inu burn has failed to influence the token’s price. SHIB is still trading below crucial levels amid bearish sentiment on the broader market. The meme coin’s price dropped as low as 6.4% in the last 24 hours to $0.00001504. This has pushed weekly and monthly values down by 18.9% and 30.7%, respectively.
Additionally, the price decline coincides with increased SHIB whale activity. As U.Today reported, Kraken recently saw 1.24 trillion SHIB outflows from the exchange, worth around $20.14 million.
Despite bearish sentiments, the 24-hour trading volume is up 22.05% to $378.8 million, raising optimism on the market. Typically, a spike in trading volume indicates investors’ willingness to bet on an asset, which can lead to a price surge as market momentum picks up.
