SHIB Burn Rate Soars 8,902% as Shiba Inu Army Gets Rid of Billion SHIB

According to data provided by Shibburn, a crypto tracker of “burn transfers” of Shiba Inu, during the period of the last 24 hours, the SHIB army has made substantial progress in cutting down the SHIB circulating supply.

Since last morning, they have got rid of a whopping 925,257,980 SHIB tokens, sending all of this crypto to “inferno” addresses, from where not a single coin can be withdrawn or spent.

924,150,949 Shiba Inu was burned in a single transfer.

HOURLY SHIB UPDATE$SHIB Price: $0.00001128 (1hr 0.08% ▲ | 24hr 4.93% ▲ )
Market Cap: $6,644,340,254 (4.74% ▲)
Total Supply: 589,609,856,763,811

TOKENS BURNT
Past hour: 45,331 (1 transaction)
Past 24Hrs: 925,257,980 (8902.45% ▲)
Past 7 Days: 2,056,039,634 (-57.34% ▼)

— Shibburn (@shibburn) March 18, 2023

In the last 24 hours, the second most popular meme coin SHIB has managed to push its price up 6.12%, now trading at $0.00001126 on the Binance exchange.

Earlier this week, large amounts of SHIB have been burned too, making up around 2 billion in the past week. The burning activity within the SHIB army began to increase after the launch of Puppynet (Shibarium beta testnet) on March 11.

The testnet has already been setting milestones — close to 4,000 transactions have been finalized, and 411,421 blocks have been formed in total. Nearly 3,000 wallets have taken part in those transactions and each of those transfers contributed to the increased SHIB burn rate.