SHIB burn rate soared 3,484% in 24 hours with over 537 million tokens removed.
Three major transfers from one wallet contributed most of the 537 million SHIB burned.
Weekly Shiba Inu token burns reached 687 million, marking a 481% increase from the prior week.
Shiba Inu (SHIB) ‘s burn activity has shown no signs of slowing down, as the community has burned over 537 billion tokens in the last 24 hours. According to on-chain data the daily SHIB burn rate has spiked by 3,484%.
This development comes after a week of relative activity, where the SHIB price recovered by approximately 5% following the market drop on Friday.
Community Burns Over Half a Billion SHIB in 24 Hours
According to SHIB burn tracking platforms, in a day, 537,187,730 SHIB tokens were transferred to burn addresses, where they will no longer be accessible. Five large transactions facilitated most of this burn.
Notably, three of the biggest burns, 310,744,788 SHIB, 107,333,061 SHIB and 103,276,575 SHIB, were made by the same anonymous wallet, and all of them were made within minutes of one another. These burns highlight the determination of the SHIB community to reduce supply and enhan…
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