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Home Crypto News Market 1.35 Billion Shiba Inu Burnt Within 24 Hours, Burn Rate Skyrockets

1.35 Billion Shiba Inu Burnt Within 24 Hours, Burn Rate Skyrockets

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1.35 Billion Shiba Inu (SHIB) Burnt Within Past 24 Hours, Burn Rate Skyrockets 16865.91%.



Over 1.35 billion Shiba Inu (SHIB) tokens have been burned within 24 hours. The burning rate skyrocketed to 16865.91% compared to the previous day.

shib burn rate

Shibburn.com recently released a previous day burn figure and reported that 1,351,643,000 (1.35B) SHIB tokens through 14 separate transactions had been sent to the dead wallet by the community-led burning initiatives during the period of last 24 hours.

The burn rate is showing a change of a whopping 16865.91% over the last day when only 9,849,712 (9.84M) SHIB tokens were taken out of circulation forever through 3 separate transactions.

ScareCrow (SHIB Protector) Auto-Burn Mechanism:

Upon investigation, we found that ScareCrow (SHIB Protector) auto-burn mechanism is responsible for such massive burning. The ScareCrow token’s auto-burn mechanism alone sent a whopping 1,248,074,298 (1.24B) SHIB tokens to dead wallets through 10 separate transactions, as per data provided by Shib Burn.

shib burns

ScareCrow (SHIB Protector) is also a newly emerged token using a unique auto-burn feature for SHIB. The token applies a 3% Buy Tax, 8% Normal Sell Tax, and 25% Early Sell Tax on holders that sell Scarecrow tokens within 24 hours of buying. ScareCrow automatically uses the taxed amount to buy SHIB and burns whenever someone buys or sells tokens.

Scarecrow has no official relation with the SHIB ecosystem or its team. Only SHIB, BONE, and LEASH are part of the Shiba Inu ecosystem. Therefore, investors should research before investing in such kinds of tokens.

Impact on SHIB Price:

Despite this massive burning, SHIB remains on the back foot. The popular dog-themed currency is trading at the price of $0.00002383, down -4.74% over the last day, while the 24-hour trading volume currently stands at $616,518,488.14 ($616.51M).

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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