The burning of Shiba Inu explodes by 3,194%: Can it change the price trajectory of SHIB?
Shiba Inu has experienced a sudden increase in burn activity, with a burn rate that has risen by 3194% in the last 24 hours. According to data from the burn tracker Shibburn, more than 521.6 million SHIB tokens were permanently removed from circulation during this period. This sudden and sharp increase in the burn rate has generated optimism within the SHIB community, although the token's price faces bullish sentiment.
Large transactions dominate SHIB's burn activity
As shown by data from Shibburn.com, the Shiba Inu burn tracking website, the latest wave of burns was dominated by a few large transactions. A notable contributor was the wallet address starting with "0xdb6", which alone facilitated burns totaling over 500 million SHIB in multiple transactions to the burn address BA-1. One of its individual burns reached 310,744,788 SHIB, closely followed by another 107,333,061 SHIB and subsequently another 103,276,575 $SHIB .
