The process of burning Shiba Inu tokens continues. Since the project launched the new burn portal, the community has burned hundreds of millions of SHIB tokens daily. Now, data from a website that tracks Shiba Inu burning activity has revealed that the token’s burning rate recently crossed 4,500%. This happened when 20 million Shiba Inu tokens were transferred to several dead wallets within 24 hours.
A Twitter user @ShibInfo shared a screenshot of Shibburn’s data on Monday, showing the Shiba Inu’s burn rate reaching 4,506 per cent in 24 hours. More than 20 million SHIB tokens were sent to dead-end wallets.
At the time of writing, SHIB was trading at $0.000012 (roughly Rs. 0.000984), according to the crypto price tracker. A report surfaced last month, which suggested that SHIB tokens worth $56 million (roughly Rs. 455 crores) were transferred to over 12,000 crypto wallets in seven days.
In recent times, SHIB’s popularity has led to it being listed on crypto ATMs and being included as a payment option by crypto-accepting companies like AMC Theaters in the US. To expand its ecosystem, Shiba Inu’s developers are working in various areas of the Web3 and blockchain sectors.