The Shiba Inu (Shib) team has destroyed millions of Shib tokens over the past 24 hours, according to data from blockchain tracker Shibburn.
With approximately 584 million Shivs in circulation, the move shows the team’s continued commitment to a token burn strategy aimed at regulating Shiv’s market value.
18,851,865 Shiv is gone
Data shows that a total of 18,851,865 tokens have been burned over the past 24 hours, with Shiv’s burn rate rising significantly by 468,968.55%.
This massive six-digit surge in Sib’s burn rate shows a noticeable rebound in this key indicator. The ecosystem has shown that the burn rate of Shiv significantly decreases ahead. The impressive surge shows that it will gain momentum among SHIB holders and burn the initiative.
According to the data provided, large shib combustion occurred only in four transactions on the last day.
Although burn rates were barely high early in the day, major transactions with up to 16,537,925 Shibs sent to the dead wallet at once had a significant surge in Shib’s burn rate, reaching a six-figure surge in within an hour.
The rise in burn rates suggests a sudden spike in investor interest, leading to an increase in demand for tokens. Thus, the team made the decision to promote rarity by destroying more tokens, indicating a potential surge in market value.
While there may be more reasons behind this critical action, Shiv’s surge in token burns also indicates an increase in community engagement and an increase in ecosystems.
Despite pressure from the volatile market, shib prices remain stable
Shib’s prices addressed this massive burn as they remained resilient around the 0.000012 mark despite the high volatility seen in today’s wide crypto market.
Data provided by CoinMarketCap shows that Shiba Inu has soaked at just 0.26% in the last 24 hours and has stability at $0.00001,272 at press time.
Nevertheless, tokens have skyrocketed 14.42%, particularly in trading volume, suggesting active community involvement and increased trading activity for investors.
