Shiba Inu Burn Rate Skyrockets by Over 13,000% in Last 24 Hours

• The number of Shiba Inu (SHIB) tokens burnt in the past 24 hours was 302,506,518.
• This is an increase of 13,198% over the previous day.

According to the SHIB burn tracker Shibburn, the Shiba Inu burn rate has increased by an astounding 13,198% during the last 24 hours. Whales’ comeback and the early 2023 release of the Layer-2 blockchain technology Shibarium are both factors in the high burn rate. The recent rise in volatility is another sign that the SHIB price is about to begin a sustained upward trend.

The number of Shiba Inu (SHIB) tokens burnt in the past 24 hours was 302,506,518. This is an increase of 13,198% over the previous day. There were just 5 transactions that led to the significant spike in the SHIB burn by removing Shiba Inu tokens from circulation.

Whales Make a Strong Comeback

The burn rate has increased significantly this month, making the recent uptick in the previous 24 hours all the more notable. Whales have dumped Shiba Inu during the current bear market. Nonetheless, whales seem to be making a comeback to the area, as seen by their purchases of, or direct deliveries to, the burn address.

A Shiba Inu address has delivered 297,290,339 SHIB tokens to the burn address in an attempt to limit the enormous supply of the top meme coin in the crypto market. Shiba Inu ecosystem’s official Twitter account and the primary developer Shytoshi Kusama’s previous clues have led SHIB Army to predict that Shibarium would be released in the first half of 2023.

On Friday, the SHIB and BONE tokens of the Shiba Inu ecosystem experienced a gain of over 5% owing to whale stockpiling ahead of the anticipated debut of Shibarium.