HomeCrypto News24M SHIB Burnt In 1 Hour, Over 48M In The Last 24 Hours

24M SHIB Burnt In 1 Hour, Over 48M In The Last 24 Hours

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Shiba Inu holders have burnt millions in SHIB in quick succession.

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Shiba Inu holders have burnt 24 million SHIB in 1 hour today, per a tweet from Shiba Inu burn tracker Shibburn.

According to the platform, this occurred in two transactions.

“In the past hour, there have been a total of 24,006,723 SHIB tokens burned and 2 transactions,” Shibburn tweeted.

 

Notably, a user sent about 4.8 million SHIB to the burn wallet, quickly followed by the transfer of another 19.2 million SHIB by a different user.

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A follow-up tweet from the SHIB burn tracker reveals that over 48 million SHIB have been burnt in the last 24 hours. Consequently, the burn rate is currently up 67% in the last 24 hours.

As reported by The Crypto Basic on Saturday, the Shiba Inu burn rate surged by a staggering 642% after a single user with a holding of over 300 billion SHIB transferred over 27 million SHIB to the burn wallet. 

It is worth noting that the burn portal launched in April this year as Shiba Inu holders called for a way to reduce the 1 quadrillion SHIB supply. So far, the community has burnt over 410 trillion SHIB per data from Shibburn, representing 41% of the original supply. Consequently, holders have reduced the total SHIB supply to 589.6 trillion from 1 quadrillion, with only 562.7 trillion in circulation.

The community permanently removed 666 million SHIB from circulation in November alone. They would be hoping to surpass this in December. 

SHIB is currently trading at the $0.000008301 price point, down 3.45% in the past seven days despite the increasing burns.

It comes as crypto demand wanes in the bear market. IntoTheBlock data shows that the number of addresses is growing at a negligible 0.41%.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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