$SHIB

🚨 Shiba Inu Burn Rate Spikes 300% As 327,103,078 Tokens Burnt Weekly 🚨

An X post by Shibburn on Friday, May 2, revealed that the Shiba Inu burn rate has surged 300% weekly, given 327.10 million coins were transferred to a null address. Burn transactions recorded over the past week suggested that an unknown wallet address was primarily responsible for sparking this upsurge.

As per the data, the unknown address ‘0x60812…’ burnt 263.70 million tokens just two days ago. CoinGape reported the same day this burn occured that SHIB burn rate surged over 3000% intraday.

The fallout? Circulating supply for the meme coin shredded and totalled 584.42 trillion at the time of reporting. The total number of coins burnt to date was evaluated as 410.73 trillion tokens. In turn, usual market sentiments orbiting Shiba Inu’s long-term prospects have taken a bullish tilt. Historical data reveals that although the short-term impact on price remains negligible, long-term movements could leverage a supply crunch.

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