According to the Shibburn website, the Shiba Inu (SHIB)’s burn rate has increased significantly to 8733.78% in the last 24 hours.
The token burn rate corresponds to a fraction of the supply sent to the burn token address, with the idea of putting deflationary pressure on the supply and demand dynamics of cryptocurrencies.
For SHIBs, a total of over 750 million SHIBs were sent to write addresses in the last 24 hours.
SHIB is a meme-themed cryptocurrency that has recently been attracting attention in the cryptocurrency market. The project started in August 2020 as his ERC-20 token on the Ethereum blockchain.
The anonymous creator behind SHIB has not been disclosed, but the project is backed by a decentralized autonomous organization (DAO) called Shibaswap.
Currently, SHIB is priced at $0.00001, with a market capitalization of $6.38 billion and a 24-hour trading volume of $327.94 million. The price of SHIB is also up 2.9% over the last 24 hours of trading.
The project has faced controversy over allegations of cheating by its developers since its inception, leading to clashes within the SHIB community that championed and supported it in its early stages.
There is also speculation that many DAOs and celebrities in the crypto industry were part of early efforts to promote SHIB.
Read more: Shiba Inu community clashes over allegations of foul play by developers
Other Recent SHIB Developments
There have also been recent reports of SHIB whales moving millions of dollars from exchanges in the last 24 hours.
A total of 6 transactions took place on March 20, transferring 406 billion SHIB ($276 million) from exchange wallets to self-custody wallets, according to data from market analytics firm Santiment.